PCCW in USD1.1bn HKT share sale

13 Feb 2017

Hong Kong-based telecoms group PCCW has announced plans to sell HKD8.534 billion (USD1.1 billion) of share stapled securities in HKT Trust and its telecoms provider subsidiary HKT. The sale will be carried out via its subsidiary holding company CAS Holding No 1. A total of 840.747 million HKT share stapled units will be sold at HKD10.15 each, representing a discount of 8.4% on HKT’s closing price of HKD11.08 on 10 February. CAS currently holds 63.07% of HKT’s share stapled units, and this will drop to 51.97% after the sale, which is scheduled to take place on Wednesday and is being managed by Goldman Sachs. The proceeds from the sale will be used for general corporate purposes, PCCW says, ‘including further investments in the core businesses of Media and Solutions and other new strategic investments, as well as the repayment of debt’.

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