Li and Netcom to buy out PCCW?

15 Oct 2008

Reuters is reporting that PCCW chairman Richard Li and the telecom firm’s second largest shareholder China Netcom Group Corp plan to buy out other PCCW shareholders, taking advantage of the low share price. According to the South China Morning Post, the parties are expected to put forward a proposal at an emergency board meeting, with HSBC reported to be tasked with arranging financing for the deal. Trading in PCCW shares was suspended yesterday as its stock plunged to a nine-year low of HKD2.45 (USD0.31), after the telco halted the sale of a stake in its new HKT unit amid market upheaval.

Hong Kong, China Netcom, HKT/PCCW (incl. CSL), PCCW Group