China Netcom set to acquire 20% of PCCW

7 Jan 2005

Unconfirmed reports have suggested that China Netcom is set to announce that it is buying a 20% stake in Hong Kong telco PCCW as early as next week. Analysts have speculated that the price for the shares, initially thought to be set at around USD844 million maximum, could rise to as much as USD1 billion. If completed, the deal (outlined in CommsUpdate 15 December) would see the Chinese state-owned operator become the second largest shareholder in PCCW behind chairman Richard Li (31.9%).

China, Hong Kong, China Netcom, PCCW Group