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

To: ms.smartest.person who wrote (976)	4/4/2001 5:20:03 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

PCCW Won't Cut Stake in Cyberport :UBS Warburg Apr 04, 2001 - 11:10:06 HKT Quamnet News Service Pacific Century CyberWorks (0008) won't reduce its stake in the Cyberport project, said UBS Warburg, the sole bookrunner for Cable & Wireless's US$1.504 billion bond convertible into PCCW shares. A UBS Warburg spokesman denied a report in the Hong Kong Economic Times which claimed that while marketing the C&W bond issue, the investment bank had said that PCCW may reduce its stake in Cyberport to cut debt and save on capital spending. He said such a question had been put to PCCW's management during a telephone conference, but the company had already made it clear that it won't reduce its stake in the Cyberport. PCCW said last month it plans to spend this year about HK$2.34 billion of the HK$15.8 billion it budgeted for Cyberport. First-phase construction is expected to be completed early next year and revenue would begin to flow in the fourth quarter of next year. The Cyberport, located at Telegraph Bay in western Hong Kong island, aims to create a strategic cluster of information technology and services companies in Hong Kong to develop Internet-related software. Besides offices, the complex will include shops, a hotel, apartments and houses. quamnet.com