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

To: ms.smartest.person who wrote (397)	2/20/2001 12:27:32 PM
From: ms.smartest.person	Respond to of 2248

C&W dives on PCCW move 2001-02-21 Terms and Conditions CABLE & Wireless shares hit a year low yesterday after the company said it planned to sell more of its stake in Pacific Century CyberWorks.C&W said it was in talks with the Hong Kong company over how to sell the stake "in an orderly manner". It is divesting all non-core interests to focus on its business data and internet service protocol divisions. The company acquired a 20pc stake in PCCW last year, in addition to pounds 4.3 billion in cash, in exchange for its 54pc stake in Hong Kong Telecom. However, the stake, bought when technology stocks were booming, has tumbled in value. PCCW's share price was HK$22.15 early last year; yesterday it was HK$4.65. Of the 20pc stake, around 5pc was disposed of last year for pounds 935m. C&W was locked in to holding half of the remainder until February 17 - six months after completion of the HKT deal. At current prices, C&W is sitting on a big paper loss: a 15pc stake in PCCW was worth around pounds 6.4 billion, now it is worth pounds 1.35 billion. C&W shares fell 19 1/2 to 777 1/2 p. [PS]City: [ES] Terms and Conditions Copyright© 2000 LEXIS-NEXIS, a division of Reed Elsevier Inc. All rights Reserved. quamnet.com