No decision on PCCW buyout until late March at least

24 Feb 2009

The High Court in Hong Kong has deferred a hearing on the planned buyout of PCCW until late March or early April, because of an ongoing investigation into alleged vote buying. PCCW’s chairman Richard Li teamed up with fellow stakeholder China Netcom (now merged with China Unicom) to propose a USD2.1 billion deal to delist Hong Kong’s dominant telco, which was approved by a majority of minority shareholders, but the latest court decision has cast new doubt on whether the transaction will complete by a deadline of 23 April.

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