No new interest in PCCW

31 May 2007

The managing director of Hong Kong’s largest fixed line telco PCCW, Alex Arena, told reporters today that the company has not received any new interest in its assets. Last year, the company’s chairman, Richard Li, failed on two occasions to sell his controlling stake in the firm, firstly to foreign investors and then to a consortium led by Hong Kong financier Francis Leung. The Chinese government, owner of PCCW’s 20% shareholder China Netcom, opposed a sale to foreign buyers, whilst other shareholders subsequently voted against a lower offer from Leung. Li has since raised his stake in PCCW to 28%.

Hong Kong, PCCW Group