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

To: ms.smartest.person who wrote (440)	2/25/2001 8:02:16 AM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

Fok: HWL (0013) won't buy PCCW (0008) shrs in cash 2001-02-23 12:01 (Infocast News) Hutchison Whampoa (0013) (HWL) Chairman Li Ka-shing earlier claimed that the group will not invest in Pacific Century CyberWorks (0008) (PCCW). However, it made an indirect investment into PCCW in less than one month eventually. HWL Group Managing Director Canning Fok said that HWL agrees to the new share issuance proposal advanced by PCCW since the group has got sufficient cash and is not in need of accepting cash as consideration intentionally. He underlined that the group will not acquire the stake of PCCW in cash. He added it was PCCW that propose such a transaction and it was also PCCW to request to issue new shares to the group. He also said that it is hard to finalise the transaction and to fight for maximizing interests for the shareholders of the group. He pointed out that the disposal of the satellite business to PCCW is mainly because the telecommunications assets are not being thought highly by investors. infocastfn.com