Pacific CyberWorks Closes Ad Unit
10/3/2001 3:48:00 PM
HONG KONG, Oct 03, 2001 (AP Online via COMTEX) -- Pacific Century CyberWorks, the telecommunications and Internet services provider, said Wednesday its advertising unit AdSociety had been closed.
The closure of the unit was in line with the group's plan to streamline its noncore businesses and concentrate on its telecommunications and broadband services, the company said.
AdSociety, which sold online, broadband and wireless advertising and marketing services, had about 250 customers and about 2,000 member Web sites, it said.
A company spokeswoman said 100 jobs were eliminated following the unit's closure.
CyberWorks, headed by Richard Li, the son of Hong Kong tycoon Li Ka-shing, has about $5 billion in debt as a result of the acquisition of Cable & Wireless HKT in August last year.
The embattled company has seen its shares stumble to a fraction of their value from the time Li started bidding for the phone company. On Wednesday, CyberWorks shares fell 3.1 percent to 1.86 Hong Kong dollars (24 cents).
Copyright 2001 Associated Press, All rights reserved
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