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Technology Stocks : PCW - Pacific Century CyberWorks Limited
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To: pennywise who started this subject9/18/2001 3:39:43 AM
From: ms.smartest.person  Read Replies (1) of 2248
 
PCCW (0008) misses unveil connected deals

2001-09-10 10:48

(Infocast News) Pacific Century CyberWorks Limited (0008) (PCCW)
announced a number of connected transactions : During the first six months of this year the company paid service charges of $13.7 million in aggregate to PC Matrix, a company in which Richard Li, Executive Chairman of the company, who holds an indirect 70% interest, for distribution of the company's "NOW" television channel via satellite. And the service charges paid by the company to PC Matrix in the second half-year is expected to be $11.7 million in total.

Following a series of share conversion in March and August, 2001 the company's current indirect shareholding in Pacific Convergence Corp (PCC) has been increased to 79.4% and its indirect interest in Data Access is now 58.75%. The two loan facilities of US$5 million each will be re-financed through repayment of the full amount of the loans and interest thereon to PCC, upon which a new loan of US$10 million (approximately $78 million) will be obtained from HSBC.

The company also announced other connected transactions which have not been disclosed according to the Listing Rules but have been published in the annual report. The SEHK stated that it will reserve the right to take actions against the company.




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