FR0000184202

11:26 15-JUL-2000 PCCW/HKT merger hearing postpones to Aug 1 The hearing concerning the merger between PCCW <1186.HK> and C & W HKT <0008.HK> was scheduled for July 25, 2000. However, the hearing was postponed by the Court to August 1, 2000, seven days after the scheduled date. Trading in HKT will be suspended after August 8, 2000 given that the merger was approved by the court. The merger will go into effect from August 17, 2000. The share certificates will be despatched on August 22, 2000.

www.financial-viewpoint.de

CyberWorks und C&W HKT wollen nach Fusion Notierung im Hang Seng vwd HONGKONG. Das japanische Internet-Unternehmen Pacific Century CyberWorks Ltd und die Telefongesellschaft Cable & Wireless (C&W) HKT Ltd wollen nach vollzogener Fusion am 2. August in den Hang Seng Index aufgenommen werden. Diese Ankündigung erfolgte am Freitag im Anschluss an die Zustimmung der C&W HKT-Aktionäre durch HSI Service Ltd. Sollte der Oberste Gerichtshof in Hongkong am 25. Juli seine Zustimmung zu der geplanten Fusion geben, werden die C&W-Aktien, die schon als Index-Komponente im Hang Seng notieren, am 2. August planmäßig vom Handel ausgesetzt. Die Bekanntgabe des exakten Volumens der auszugebenen CyberWorks-Aktien erfolgt zwischen dem 8. und 14. August und hängt maßgeblich von der Entscheidung der C&W-Aktionäre für einen reinen Aktientausch oder eine kombinierte Aktien- und Barofferte ab. HSI rechnet nach eigenen Angaben mit der Wahl der kombinierten Aktien- und Barofferte. CyberWorks hatte zuvor 0,7116 neue CyberWorks-Aktien zuzüglich 7,23 HK-$ in bar oder alternativ 1,1 neue CyberWorks-Aktie je C&W-Aktie geboten. HANDELSBLATT, Freitag, 14. Juli 2000

Cyberworks, Legend, Li & Fung Added to Hong Kong's Benchmark Seng Index UPDATED NEWS,Technology NewsFri, 14 Jul 2000, 9:09am EDTBy Mike YeeHong Kong, July 14 (Bloomberg) -- Hong Kong's benchmark Hang Seng Index will add three companies that rallied as they pushed into Internet businesses and remove a landlord and a hotelier.Pacific Century CyberWorks Ltd., the Internet investment vehicle for tycoon Richard Li, will join on Aug. 2 after it bought Cable & Wireless HKT Ltd., the city's dominant telephone company. Also added were Legend Holdings Ltd., China's biggest computer maker, and Li & Fung Ltd., a trading company that is spending $200 million on a system to link buyers and manufacturers online.Great Eagle Holdings Ltd. and Shangri-la Asia Ltd. will be dropped from index, which has had 33 members since its inception in 1969, said HSI Services Ltd., which compiles the index.``The change today basically adds more of a technology element to the index, making it more reflective of the economy,'' said Steven Leung, senior vice president at Daiwa Securities SBCM Hong Kong Ltd. ``However, I don't think those shares being included will see their price being boosted a lot, as the news is more or less expected and they are all very liquid.''Stocks that are included in a benchmark index often rise because fund managers who measure their performance against such indexes are likely to buy the new shares. The change in the index will also be matched by the manager of Tracker Fund units sold by the government last year. The fund is backed by stocks the government bought in August 1998 to protect the Hong Kong dollar from speculators.Cyberwork's purchase of HKT, a 129-year-old company that owns more than one phone line for every two Hong Kong people, was designed to further plans by Li's start-up Internet investment company to deliver a range of electronic commerce and multimedia services.The jury is still out on the ambitious bid, which came after CyberWorks stock rose 24-fold last year. CyberWorks shares fell 11 percent this year. HKT will suspend trading on Aug. 2 and delist on Aug. 10. The newly formed company will start trading Aug. 15.Legend rose 61 percent this year as it branched out from making computers to Internet businesses. They include a newly launched Web site, FMM365.com, which recorded 3 million pageviews per day in May. The company also provides Internet access to its computer users in collaboration with China Telecommunication Corp., operator of the nation's largest fixed-line network.Li & Fung is up 94 percent this year. It announced plans in March to put its textiles and toys trading business online. The company expects lifung.com to generate $2 billion of annual sales by 2004, almost equaling the company's current business. Li & Fung will invest about $200 million in the online business and may eventually consider listing it separately, he said.Shangri-La was hit hard by the Asian crisis as fewer guests stayed at its five-star hotels and room rates fell. Great Eagle suffered as too much development left the city with an oversupply of office space.Cyberworks fell 15 cents, or 0.9 percent, to HK$15.95 before the announcement. Legend fell 4.3 percent to HK$7.75, while Li & Fung rose 2.7 percent at HK$37.8. HKT fell 0.3 percent to HK$17.80, Shangri-la rose 2.2 percent at HK$9.2 and Great Eagle stayed unchanged at HK$13.10.The reshuffle will boost the market capitalization represented by Hang Seng Index by HK$81.6 billion ($10.47 billion).©2000 Bloomberg L.P. All rights reserved. Terms of Service, Privacy Policy and Trademarks.