PCCW selling USD167m in new shares

24 Aug 2010

Reuters reports that Hong Kong’s PCCW plans to sell HKD1.3 billion (USD167 million) worth of new shares to third party investors, to raise capital to repay debt. The full-service telco intends to sell 500 million new shares, or 6.88% of its enlarged share capital, at HKD2.60 each, representing a 9.4% discount on Monday’s closing price. The company added that the placing offered a good opportunity to expand its institutional shareholder base. The move follows a USD500 million bond issue earlier in the month.

Hong Kong, PCCW Group