PCCW shareholders back privatisation bid
05-02-2009
Shareholders of Hong Kong's biggest telephone company, PCCW, have overwhelmingly approved a 15.9 billion dollar privatisation bid by chairman Richard Li and China Netcom. Over 90 percent of shareholders at a special general meeting voted to accept the buy-out offer from the two controlling shareholders -- at four dollars and fifty cents a share. However, the deal still needs to be approved by the High Court. The vote came after a bid to delay balloting failed. Some minority shareholders had wanted to adjourn the meeting, to allow an investigation into alleged vote-rigging to be completed.
