PCW - Pacific Century CyberWorks Limited Message Board

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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: ms.smartest.person who wrote (1912)	9/9/2001 11:08:13 PM
From: ms.smartest.person	Read Replies (1) of 2248

HK PRESS:PCCW Includes HK$3.23B Provision For FY00 Loss Dow Jones Newswires HONG KONG -- Pacific Century CyberWorks Ltd. (H.PCW) has made a HK$3.23 billion provision for its Network of the World (NOW) subsidiary, the South China Morning Post reports. The newspaper report comes after PCCW announced net profit of HK$935 million for the first half to June 30, 2001. In that announcement, PCCW said it has revised its net loss for fiscal 2000 to HK$129.30 billion from the original HK$6.91 billion, under the new accounting standards. The newspaper article says the provision has been included in Cyberworks' restated accounts for last year. It adds that the provision is due to a share option contract that has forced PCCW to raise its stake in the multimedia unit. Under the agreement, U.S. chip-maker Intel (INTC) has the right to exchange its remaining minority shareholding in the former Pacific Convergence Corp, which later became NOW, into new Cyberworks shares, according to the newspaper. The article says Intel began exercising that option this year and has currently exchanged for 486.39 million new CyberWorks shares. PCCW said the agreement allows Intel to exchange its holding in the unit into more than one billion new CyberWorks shares "even though the fair value of that subsidiary has declined since entering into the option agreement in 1999," according to the newspaper report. Newspaper Web Site: scmp.com -By Dow Jones Newswires; 852-2802-7002; djnews.hongkongdowjones.com -------------------------------------------------------------------------------- interactive.wsj.com

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