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

To: ms.smartest.person who wrote (441)	2/25/2001 8:03:14 AM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

Fok : HWL & PCCW is unlikely to join force 2001-02-23 12:55 (Infocast News) Hutchison Whampoa (0013) (HWL) Group Managing Director Canning Fok stated that apart from the disposal of the satellite business to Pacific Century CyberWorks (0008) (PCCW) just announced, no other transactions of the similar type are in progress between them. He claimed that HWL and PCCW are rivals in a number of fields, hence both parties will not be in cooperation. He noted that the shareholders' interests is of vital importance. As the group managing director of HWL, he has to make money for the shareholders, he said. Being asked if HWL Chairman Li Ka-shing had been informed of the concerned transaction in advance, Fok stated that the said transaction is entered into between the management of HWL and PCCW, and Li is not informed of the case until the last minute. Fok underlined that such a transaction proves that Li will not pursue his personal interests at the cost of HWL's shareholders' interests. Upon announcement of the transaction, HWL's share price slided while PCCW's share price went up. Fok stated that the share price movement is affected by a number of factors. He explained that HWL is a conglomerate rather than a telecommunications company. Hence, the falling share price is in no relation with the sale of the satellite business. Being asked if he is worried that the PCCW's share price will always fluctuate, Fok replied that any stock is risk-bearing and what is the most important thing is that the concerned stock can enhance the interests of the shareholders. Meanwhile, referring to the question if there is no discount for the consideration, Fok answered that HWL benefits from the consideration of the transaction based on PCCW's share price recorded today. He added that the profit generated from the transaction will be booked this year. infocastfn.com