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

To: ms.smartest.person who wrote (377)	2/19/2001 5:47:30 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

Cable & Wireless Has No Buyer for CyberWorks Stake (Correct) By Cathy Chan Cable & Wireless Has No Buyer for CyberWorks Stake (Correct) (Corrects the value of half-stake in second paragraph.) Hong Kong, Feb. 19 (Bloomberg) -- Cable & Wireless Plc, Europe's third-largest network for Internet service providers, said it hasn't found a buyer for its stake in Pacific Century CyberWorks Ltd., even though it's now free to sell half of its 14.9 percent holding. At today's share price, the half-stake is valued at HK$7.6 billion ($974 million). C&W acquired 20.2 percent of CyberWorks last August as part of its sale of Cable & Wireless HKT Ltd., Hong Kong's dominant phone company. Its holding was subsequently diluted by share sales. As a condition of the sale, all of C&W's holding in CyberWorks was subject to a three-phase lockup of shares. When the first deadline expired in September, C&W sold a 4.9 percent stake in CyberWorks for $1.3 billion. The second deadline passed this weekend. The U.K. company said that it's still in discussions about the stake sale, without giving further details. ``No timetable has been set,'' it said in a statement to the London stock exchange. CyberWorks is an Internet and telecommunications venture controlled by Richard Li, the younger son of Hong Kong billionaire Li Ka-shing. Its shares lost 57 percent of their value after C&W sold its first stake on Sept. 20. C&W currently owns 3.26 billion CyberWorks shares and any disposal of half the holding may further suppress CyberWorks' share price. C&W said it intends to exit from the investment in an ``orderly manner.'' quote.bloomberg.com