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Technology Stocks : PCW - Pacific Century CyberWorks Limited -- Ignore unavailable to you. Want to Upgrade?

To: ms.smartest.person who wrote (111)	1/18/2001 10:12:58 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

PCCW fall has investors on edge Glenda Korporaal in Hong Kong 19 January 2001 HONG Kong investors are waiting on tenterhooks for finalisation today of the $US1.5 billion ($2.7 billion) loan to the joint venture between Telstra and Pacific Century CyberWorks, following a sharp fall in PCCW's share price. "People are holding their breath on this after what has happened in recent months," said JS Cresvale Securities analyst David Blennehassett, referring to PCCW's share price plunge. "Let's hope they can get it done. Friday is the big day," he said. Earlier this month, Telstra and PCCW agreed to cut the amount of funds they were seeking for their Internet Protocol backbone joint venture from $US2 billion to $US1.5 billion and at higher interest rate margins in the wake of the tougher market conditions for telco and internet stocks. But concern about PCCW's 20 per cent share price fall over the past week and the continued lack of market confidence in the sector have raised questions about whether the financing can be wrapped up by today. Local investors' confidence in the deal was yesterday helped by the confirmation from Telstra that it still planned to go ahead with the multi-billion-dollar alliance with the Hong Kong telecommunications company. PCCW's fall from grace has generated speculation in Hong Kong about whether Telstra might pull out of the deal. But a Telstra spokesman was quoted in the local press yesterday reaffirming the company's confidence in the deal. theaustralianit.com.au