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

To: ms.smartest.person who wrote (1013)	4/7/2001 9:03:40 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

PCCW has no plans to cut stake in Telstra joint ventures HONG KONG, April 5 (AFP) - Pacific Century CyberWorks Ltd said Thursday it has no plans to reduce its stake in its joint ventures with Australian telecoms carrier Telstra Corp. The dominant Hong Kong telecommunications company said speculation in an Australian newspaper report that there had been a deterioration in the partnership with Telstra "is patently untrue and has been rejected publicly by senior management of both companies". PCCW executive committee deputy chairman Alex Arena, who is on the boards of the joint ventures with Telstra, said in the statement: "We have been working with Telstra for over a year now and our relationship is growing stronger. "We aim to build great businesses and we have already scored some early goals. Indeed, we are constantly looking for ways to expand upon these business opportunities." "PCCW has no intention to reduce its proportionate stake in these ventures," Arena said. PCCW finalised an alliance for Asian Internet infrastructure and mobile communications joint ventures with Telstra on October 13 last year. PCCW also said it had no intention of reducing its stake in the Hong Kong Cyberport Internet business and residential project and had sufficient resources to meet its debt servicing needs and project commitments. "PCCW has a cash position of over one billion US dollars, a strong internal cashflow from its established businesses and a solid store of value in various of its property and other assets," the company said. Speculation on the future of PCCW's projects has been prompted by the continuing slide in its share price and the huge loss suffered by the company last year. Last week the company, controlled by Richard Li -- the son of Hong Kong tyoon Li Ka-shing -- announced a larger than expected net loss of 886 million US dollars for last year. The loss was mainly due to a 627 million US dollars provision for unrealized losses on investments. PCCW shares have plunged since last year, falling from a high of 26.35 Hong Kong dollars in February last year to 2.60 dollars. asia.dailynews.yahoo.com