PCCW Denies Seeking HK$3 Bln Financing For Cyberport Devt
November 6, 2001
Dow Jones Newswires
HONG KONG -- Pacific Century CyberWorks Ltd. (PCW) denied press reports Tuesday it is seeking HK$3 billion in financing for its Cyberport business park in the city's Pokfulam district.
PCCW spokeswoman Joan Wagner said the Hong Kong Economic Journal report sourced to an unnamed banker was unfounded speculation, and PCCW will continue to rely on its own cash reserves to fund the project.
Cyberport, a government-backed high technology business park and residential complex, was described by IT and Broadcasting Secretary Carrie Yau as "our IT flagship project."
PCCW has said total investment in Cyberport will amount to US$300 million. The company has so far spent about US$120 million on the project, Wagner said.
"We will continue to assess the financial needs of the Cyberport project...as relative to the cost of capital in the market," the spokeswoman said, stopping short of forecasting whether more funding will be needed in future, or whether the initial US$300 million budget for the project will hold.
Debt market newsletter Basis Point reported Oct. 27 that PCCW is expected to borrow US$200-300 million for the technology-focused real estate project.
Not so, said PCCW's Wagner.
"We are very comfortable with our cash position...we are using our substantial cash reserve and we plan on continuing to do so," she said.
-By Georgina Lee, Dow Jones Newswires; 852-2802-7002; georgina.lee@dowjones.com
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