PCCW share sale price could fall by a third

7 Oct 2008

Hong Kong-based full-service telecoms group PCCW, which has invited bids for a 45% stake in its newly-created HKT Group Holdings unit, is likely to receive offers as much as a third lower than its original reserve price because of the worldwide banking crisis and its own tumbling share price, reported the South China Morning Post yesterday, quoting sources familiar with the situation. Earlier, six private equity bidders were reported to have been shortlisted for a stake in the new division comprising PCCW’s core telecoms, media and IT assets, originally estimated to be worth up to USD2.5 billion. Formal bids are expected by the end of this week.

Hong Kong, PCCW Group