PCCW share consolidation plan approved

7 Jan 2003

PCCW shareholders have approved a proposal to consolidate every five company shares into a single new share, a scheme which the Hong Kong telco hopes will boost its stock price considerably and generate interest among foreign investors. The company is currently suffering from a debt of USD4.2 billion and in 2002 was the worst performing stock in the Heng Seng index for a third year running.