HK PRESS: Israel Invites Li Family To Invest In Telecom
January 24, 2002
Dow Jones Newswires
HONG KONG -- Israeli Communications Minister Reuven Rivlin visited Hong Kong Monday to persuade Hong Kong moguls to buy stakes in Israel's state-owned BEZEQ The Israel Telecommunications Corp. (C.BZQ), Sing Tao reports.
Rivlin asked Hutchison Whampoa Ltd. (H.HUW) Chairman Li Ka Shing and his son, Pacific Century CyberWorks Ltd. (PCW) Chairman Richard Li, to bid for a 50.01% stakes in BEZEQ, worth about HK$12 billion. Hutchison and PCCW spokesmen declined to comment on the talks, the paper said.
Rivlin also visited New Telephone Ltd. and Wharf New T&T to introduce telecommunication markets in Israel.
BEZEQ said Jan. 20 that the state's holding in BEZEQ will be diluted to 51.45% from 54.61% following a private placement of shares to finance a severance program related to the company's privatization.
The Israeli government published a notice in November last year seeking buyers for 50.01% of the telecommunications carrier.
Prospective bidders have until Feb. 13 to signal their interest, but the state will consider extending the deadline.
Last year, the state hired Merrill Lynch & Co. (MER) to arrange the sale. At the time, Hutchison expressed no interest in taking the stake.
-By Ruby Chan, Dow Jones Newswires; 852-2802-7002; ruby.chan@dowjones.com
(Corrected 0308GMT)
The stake in BEZEQ is worth about HK$12 billion.
(In an item timed at 0224 GMT (9:24 p.m. EST Thursday), the value of the stake was misstated.)
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