news HONG KONG, Mar 28, 2000 (AP Online via COMTEX) -- Cable & Wireless HKT,
Hong Kong's biggest phone company, said Tuesday its board has approved
the sale of the company for about $38 billion to Internet group Pacific
Century Cyberworks Ltd.
Cable & Wireless chief executive Linus Cheung told reporters that the
company was satisfied with the merger and that the board has approved
the deal which is one of Asia's biggest corporate takeovers.
Last month, Pacific Century CyberWorks beat rival Singapore
Telecommunications Ltd. in the bidding for Cable & Wireless HKT.
The phone company's majority shareholder, Cable and Wireless PLC of
Britain, will retain a 20 percent stake in the merged entity, to be
called Pacific Century CyberWorks HKT.
Pacific Century CyberWorks, set up only last year, is headed by Richard
Li, son of Hong Kong billionaire Li Ka-shing.
Hong Kong's biggest phone company, said Tuesday its board has approved
the sale of the company for about $38 billion to Internet group Pacific
Century Cyberworks Ltd.
Cable & Wireless chief executive Linus Cheung told reporters that the
company was satisfied with the merger and that the board has approved
the deal which is one of Asia's biggest corporate takeovers.
Last month, Pacific Century CyberWorks beat rival Singapore
Telecommunications Ltd. in the bidding for Cable & Wireless HKT.
The phone company's majority shareholder, Cable and Wireless PLC of
Britain, will retain a 20 percent stake in the merged entity, to be
called Pacific Century CyberWorks HKT.
Pacific Century CyberWorks, set up only last year, is headed by Richard
Li, son of Hong Kong billionaire Li Ka-shing.
