Pacific Century Regional Development Ltd, CyberWorks controlling shareholder, halted Singapore trading pending CyberWorks' announcement. Both companies are controlled by Hong Kong businessman Richard Li.
The suspensions follow a Ming Pao Daily News report that Cable & Wireless plans to issue bonds or other derivatives convertible into CyberWorks shares. C&W Plc owns 14.9 percent of CyberWorks. The paper didn't give a date for the sale.
C&W has been allowed to sell as much as 7.45 percent of CyberWorks since February 17. It may sell the balance in August, or earlier if CyberWorks approves.
Last week, CyberWorks said it lost US$886 million in 2000 mainly due to a one-time charge reflecting the lower value of its Internet investments and interest costs related to debt it raised for its purchase of Cable & Wireless HKT Ltd.
CyberWorks fell 5.4 percent on Friday to HK$3.075. Pacific Century Regional fell 7.8 percent to S$0.53.
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