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Technology Stocks : Pacific Century CyberWorks (PCW, PCWKF) -- Ignore unavailable to you. Want to Upgrade?

To: Harry who wrote (441)	2/24/2000 11:29:00 PM
From: high.hopes	Respond to of 4541

Hong Kong Internet firm suspends shares; telecom bid expected Thu Feb 24 23:00:00 EST 2000 HONG KONG, Feb 24, 2000 (AP Worldstream via COMTEX) -- An Internet investment group suspended its shares from trading on Friday as it considers a takeover bid for Hong Kong's biggest telephone company. Pacific Century CyberWorks Ltd. plans an announcement on Monday regarding Cable and Wireless HKT, the dominant local phone company that also has been in merger talks with Singapore Telecommunications Ltd., according to a Pacific Century CyberWorks spokeswoman. Speaking to Dow Jones Newswires, the spokeswoman said shares had been suspended ``pending the issue of an announcement in relation to Cable and Wireless KT on Monday,' although she would not specify whether a bid will be launched. After SingTel and Cable and Wireless HKT disclosed last month they were in merger talks, there has been much skepticism in Hong Kong about whether such a deal would be good for the territory, which typically is a fierce financial rival to Singapore. The Kong Kong and Singapore phone companies said they hoped to create a regional phone giant worth some U.S. dlrs 60 billion in a ``merger of equals,' although critics here worry that Singapore would end up calling the shots. Pacific Century CyberWorks shares rose about 1.6 percent in the first few minutes of trading on Friday, to 22.15 Hong Kong dollars (U.S. dlrs 2.84), before the suspension was announced. Cable and Wireless HKT was still trading in the late morning, up 4.4 percent at 26.10 Hong Kong dollars (U.S. dlrs 3.35) per share. The company is majority owned by Cable and Wireless PLC, based in Britain. Copyright 1999 Associated Press, All rights reserved.