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

To: ms.smartest.person who wrote (974)	4/4/2001 1:59:05 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

Singapore MobileOne Stake Hldrs In Divestment Talks Updated: Wednesday, April 4, 2001 06:14 AM ET SINGAPORE (Dow Jones)--Shareholders of MobileOne Pte. Ltd. said Wednesday they are in talks to divest their stakes in the Singapore telecommunications company. MobileOne shareholders include blue chips Singapore Press Holdings Ltd. (P.SPH, news, msgs), Keppel Telecommunications & Transportation Ltd. (P.KTT, news, msgs), Cable & Wireless PLC (CWP, news, msgs) and Hong Kong's Pacific Century Cyberworks Ltd. (PCW, news, msgs). The stakeholders said in a joint statement that the discussions "may result in the joint disposal" of their holdings. JP Morgan & Co. is advising the Singapore shareholders, while the C&W and PCCW joint venture that owns 30% of M1 is being advised by Merrill Lynch & Co. (MER, news, msgs). The announcement suggests all M1 appears to have been approached by a buyer to takeover the entire company. Cable & Wireless had previously indicated an interest in selling its stake, while PCCW has recently been rumored to be also considering exiting Singapore's second largest mobile phone company. But the two Singapore companies enjoy the first right of refusal in any disposal of shares, a condition that observers suggest had hampered C&W's divestment plans. MobileOne has more than 800,000 mobile phone subscribers in Singapore and recently began offering long-distance fixed line services also. Depending on valuations, the possible 100% sale of MobileOne could net as much as US$1 billion, analysts said. Wednesday, shares of Singapore Press Holdings rose 1% to S$20.10, and Keppel T&T fell 0.7% to S$0.72, while the Straits Times Index closed down 1.4% to 1621.99 points. -By Hasan Jafri, Dow Jones Newswires; 65/421-4828; hasan.jafri@dowjones.com quicken.com