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

To: ms.smartest.person who wrote (1338)	6/3/2001 11:49:04 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

Hong Kong PCCW Gets Disclosure Exemption For Deals Below HK$2.1 Billion June 03, 2001 10:22 PM HONG KONG -(Dow Jones)- Pacific Century CyberWorks Ltd. (PCW) said Monday the Stock Exchange of Hong Kong has approved its application not to have to disclose transactions that are below 5% of its total asset value, less intangibles and current liabilities. At present valuations, the telecom and Internet company will have to disclose only transactions that are above HK$2.166 billion. PCCW had made the application after the stock exchange in May issued new guidelines for companies that have negative assets which aren't a result of operating losses. The guidelines are meant to prevent such companies from having to seek approval from shareholders and regulators for minor transactions conducted in the normal course of business. PCCW ended up with negative equity after it wrote off massive goodwill that included US$22 billion for the takeover of Cable & Wireless HKT, against reserves, in the 2000 fiscal year. The new exemption will replace a temporary waiver that has been in place since PCCW's earnings report. That waiver said the company needn't disclose transactions below HK$2 billion. The disclosure approval will be valid until the publication of PCCW's next annual report. The Stock Exchange of Hong Kong is a wholly owned subsidiary of Hong Kong Exchanges and Clearing Ltd. (H.HEC). -By Anette Jonsson, Dow Jones Newswires; 852-2802-7002; anette.jonsson@dowjones.com -0- 04/06/01 02-08G (This story was originally published by Dow Jones Newswires) Copyright (c) 2001 Dow Jones & Company, Inc. All Rights Reserved smartmoney.com