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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: ms.smartest.person who wrote (2127)	1/29/2002 12:17:17 AM
From: ms.smartest.person	Read Replies (1) of 2248

Hutchison's HK$2.9 Bln Global Crossing Deal Is Reasonable Investment: Fok Jan 29, 2002 - 11:29:20 HKT Quamnet News Service Hutchison Whampoa Ltd.'s (0013) HK$2.9 billion acquisition of a stake in Global Crossing is a reasonable investment, said Group Managing Director Canning Fok. Fok said Hutchison and its partner Singapore Technologies Telemedia Pte will hold 70 percent to 80 percent of the fiber-optic network operator after the acquisition. He refused to disclose further details though. Hutchison and Singapore Technologies will pay US$750 million (HK$5.85 billion) for the majority stake, reports said. The deal is part of a sponsored filing for Chapter 11 protection under the U.S. bankruptcy code. Hutchison shares rose after unveiling the deal. By 11:29 a.m. Hong Kong time, it had risen 2.8 percent to HK$74 on turnover of HK$342.6 million. quamnet.com

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