PCW - Pacific Century CyberWorks Limited Message Board

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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: pennywise who started this subject	9/28/2001 11:25:48 AM
From: ms.smartest.person	of 2248

Pacific Century Insurance Gets Nod to Waive Connected Policy Cap Sep 28, 2001 - 10:27:35 HKT Quamnet News Service Pacific Century Insurance (0065) said it has been approved by the Stock Exchange of Hong Kong to loosen the cap that limits the total premium income payable by the company's connected persons of group life and medical policies provided by the company. The cap amount of HK$5 million has been exceeded by about HK$3.8 million as at end-June and by about HK$4.8 million as at September 15, said the insurance company. The stock exchange has granted the company a waiver that the total premium income payable to hose group life and medical policies will not exceed 2 percent of the total turnover of the company in any financial year. The company's management is of the view that the cap amount has become insufficient due to the increase in the number of group life and medical policies provided after the acquisition of Cable & Wireless HKT by Pacific Century Cyberworks Ltd. (0008). Both Pacific Century Insurance and PCCW are subsidiaries of Pacific Century Regional Development, controlled by Richard Li. quamnet.com

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