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Technology Stocks : Pacific Century Cyberworks - Asian Internet Powerhouse? -- Ignore unavailable to you. Want to Upgrade?

To: E who wrote (14)	3/1/2000 12:05:00 AM
From: E	Read Replies (1) \| Respond to of 18

The preceding article is in the comment and analysis section. Page one of the Financial Times today had this news item. I'm excerpting: "Pacific Century Cyberworks Wins HKT Fight Pacific Century Cyberworks, a 10-month old internet start-up, last night appeared to have won the battle for Cable & Wireless HKT, Hong Kong's dominant telecommunications operator. It is understood that Cable and Wireless, which holds 54 per cent of HKT's shares, preferred PCCW's bid over a competing offer from Singapore Telecom. The victory for PCCW [the symbol is sometimes PCCW, sometimes PCCLF --E] a company run by Richard Li, the son of Hong Kong's most powerful tycoon, Li Ka-shing, has come despite the efforts of Rupert Murcoch to assist the SingTel bid over a competing offer from Singapore Telcom... ...the C&W board last night opted for PCCW. Mr Li said last night: "We are very excited... This will accelerate our roll-out across Asia." [I added the bold-- E] ... The SingTel bid is believed to be of about the same value [as the PCCW bid--E], implying that the C&W board preferred PCCW's internet growth prospects [bold mine again.] to the more conservative approach of the Singapore carrier. While it is understood the C&W board agreed to the PCCW offer yesterday, negotiations were continuing late last night to tie up details of the deal. The PCCW bid will also have to be approved by HKT's board."