Li also said neither Hutchison Whampoa nor Cheung Kong (Holdings), headed by his father, billionaire Li Ka-shing, will buy the stake. C&W, which operates the world's third-largest network for Internet service providers, acquired 20.2 percent of CyberWorks after the Hong Kong-based company completed its purchase of Cable & Wireless HKT Ltd. last August. Two months later, C&W sold a 4.9 percent stake in CyberWorks for US$1.3 billion. C&W has the right to sell more of its stake by February and the rest by August.
Short Take: PCCW may announce C&W stake sale in two weeks
By Bloomberg, Singapore.CNET.com
Thursday, February 08, 2001 06:06 PM
Thursday, February 08, 2001 06:06 PM
HONG KONG--Pacific Century CyberWorks, Hong Kong's largest telecommunications company, will announce details of a possible sale of Cable & Wireless Plc's stake in CyberWorks in one to two weeks, the Oriental Daily News reported, citing chairman Richard Li. Li said CyberWorks is in talks with C&W on a daily basis about selling half of the British company's remaining 15 percent stake in CyberWorks.
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