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 (1923)	9/18/2001 3:40:31 AM
From: ms.smartest.person	Read Replies (1) of 2248

A Tam: PCCW needs to get Gov't approval 2001-09-10 13:03 (Infocast News) Deputy Secretary for Information Technology and Broadcasting Annie Tam told Infocast that if PCCW (0008) is to put the development right of Cyberport in pledge for financing, it needs to obtain approval from the Government first since the land on which Cyberport is built is owned by the Government, and the development right is also granted by the Government. Therefore, PCCW cannot make use of any assets related to Cybeport including the development right as collateral without seeking Government's approval. However, Tam said that if PCCW takes its future income from Cyberport as pledge, meaning it promise to use the income first to repay the debt, then this way of financing will not need to get consent from the Government as it does not involve any of the development right and assets of Cyberport. Tam said PCCW has yet to make a request to the Government to put the Cyberport development right in pledge for financing purposes. infocastfn.com

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