AR takes no side on battle for HKT
By Wendy Shair and Irene Ip
STORY: THE Hong Kong government yesterday made it clear it was
taking a neutral stand in the intensifying bidding war between local
Internet company Pacific Century CyberWorks (PCCW) and Singapore
Telecom for control of Cable & Wireless HKT.
``It is entirely speculative and factually incorrect to say that the HKSAR
government has sought influence the outcome of the proposed
measures for any political reasons,''said Government Information
coordinator Stephen Lam Sui-lung.
Rumours have circulated that planned merger between SingTel and
HKT is likely to be cancelled, mainly because of political concerns from
the Hong Kong and Beijing over a foreign government acquiring a stake
in HKT.
``It is speculative and unconvincing to suggest that the Central
Government has (been) involved in anyway concerning the merger
proposals,''Mr Lam said.
He said regulations of the telecommunications industry in Hong Kong
falls within the autonomy of the SAR government. The lack of official
opposition to a SingTel's bid means that Cyberworks Asia's third
largest Internet investment company, will have to convince HKT's parent,
Cable & Wireless Plc of the UK of the financial merit of its bid.
Mr Lam admitted the Singapore government approached the SAR
authorities for a briefing on the proposed merger.
``We have kept open lines of communications with the Singaporean
side.''
Criticisms have been raised that the important sector was under the
control of Li Ka-shing and his family. SingTel, on the other hand, is
headed by Lee Hsien Yang, the second son of Singapore's Senior
Minister Lee Kuan Yew.
Meanwhile, business tycoon Li Ka-shing yesterday indicated he has no
interest in monopolising the territory's telecom market.
Only six per cent of Hutchison Whampoa's business is located in Hong
Kong while the rest is overseas, he said.
``I harbour no ambition as far as Hong Kong is concerned, only love,'' he
said.
While he stressed Hong Kong's importance to him, he said there were
areas in which his business had to focus on overseas markets.
He said that his business has ten times more container terminal berth
places overseas than Hong Kong, and Hutchison's Orange has about
5.5 million subscribers in one country alone at the end of last year,
compared with a total of 4 million in the Hong Kong market, he said.
He urged Hong Kong people to look at things in a larger perspective. Mr
Li also denied speculations that PCCW and Hutchison-Whampoa will
merge for the bid.
``The license of one of the parties would be removed if we do that. We
had already carefully considered this ,'' he said.
But he declined to say if he would help finance his son, Richard Li's bid
for HKT.
Quelle: khstandard.com
By Wendy Shair and Irene Ip
STORY: THE Hong Kong government yesterday made it clear it was
taking a neutral stand in the intensifying bidding war between local
Internet company Pacific Century CyberWorks (PCCW) and Singapore
Telecom for control of Cable & Wireless HKT.
``It is entirely speculative and factually incorrect to say that the HKSAR
government has sought influence the outcome of the proposed
measures for any political reasons,''said Government Information
coordinator Stephen Lam Sui-lung.
Rumours have circulated that planned merger between SingTel and
HKT is likely to be cancelled, mainly because of political concerns from
the Hong Kong and Beijing over a foreign government acquiring a stake
in HKT.
``It is speculative and unconvincing to suggest that the Central
Government has (been) involved in anyway concerning the merger
proposals,''Mr Lam said.
He said regulations of the telecommunications industry in Hong Kong
falls within the autonomy of the SAR government. The lack of official
opposition to a SingTel's bid means that Cyberworks Asia's third
largest Internet investment company, will have to convince HKT's parent,
Cable & Wireless Plc of the UK of the financial merit of its bid.
Mr Lam admitted the Singapore government approached the SAR
authorities for a briefing on the proposed merger.
``We have kept open lines of communications with the Singaporean
side.''
Criticisms have been raised that the important sector was under the
control of Li Ka-shing and his family. SingTel, on the other hand, is
headed by Lee Hsien Yang, the second son of Singapore's Senior
Minister Lee Kuan Yew.
Meanwhile, business tycoon Li Ka-shing yesterday indicated he has no
interest in monopolising the territory's telecom market.
Only six per cent of Hutchison Whampoa's business is located in Hong
Kong while the rest is overseas, he said.
``I harbour no ambition as far as Hong Kong is concerned, only love,'' he
said.
While he stressed Hong Kong's importance to him, he said there were
areas in which his business had to focus on overseas markets.
He said that his business has ten times more container terminal berth
places overseas than Hong Kong, and Hutchison's Orange has about
5.5 million subscribers in one country alone at the end of last year,
compared with a total of 4 million in the Hong Kong market, he said.
He urged Hong Kong people to look at things in a larger perspective. Mr
Li also denied speculations that PCCW and Hutchison-Whampoa will
merge for the bid.
``The license of one of the parties would be removed if we do that. We
had already carefully considered this ,'' he said.
But he declined to say if he would help finance his son, Richard Li's bid
for HKT.
Quelle: khstandard.com
