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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (58764)	1/14/2002 2:19:59 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Who are these CyberWorks guy, can't be bad. Stan 01/14 01:46 Intel Buys Bonds Exchangeable for CyberWorks Shares (Update4) By Paul Scanlon quote.bloomberg.com Singapore, Jan. 14 (Bloomberg) -- Intel Corp., the biggest chipmaker, bought $100 million of bonds exchangeable into shares of Pacific Century CyberWorks Ltd., Hong Kong's largest phone company. The bonds are exchangeable for CyberWorks shares at HK$2.50 each, said CyberWorks' parent company, Pacific Century Regional Developments Ltd., which sold the securities. The bonds are due between 2006 and 2007, pay interest of 3 percent and represent a 1.4 percent stake in CyberWorks. The stock closed at lunch 11 percent below the conversion price. ``Our main goal is to accelerate what we would call the Internet economy,'' said Josie Taylor, corporate communications manager at Intel Corp. in Hong Kong. ``All of the investments we make are made under this general criteria.'' Intel's past investments in Asia-based Internet and phone companies have had mixed success. It was the largest shareholder in Internet-based discount phone company Wherever.net Holdings Corp. when it went bust last July. An investment in Chinese Web site 8848.net soured and it sold its stake in software developer Beijing Beida Jade Bird Universal Sci-Tech Co. It had some success with part-owned AsiaInfo Holdings Inc. The seller of billing and system management software to China's phone companies said third-quarter profit last year surged eightfold. ``Right now there is a lot uncertainty of what to do with cash for companies and investors,'' said David Chapman, who helps manage $700 million at Towry Law Asia Ltd. ``A bond with an equity option seems a safe bet right now. The yield on the convertible is better than many other options out there such as bank deposits.''