Privatisation of PCCW clears hurdle
30-12-2008
PCCW's largest shareholders have cleared the first hurdle in their bid to privatise the telecom company. Shareholders of Pacific Century Regional Developments in Singapore agreed to the proposal by chairman Richard Li and China Netcom to privatise the firm at a cost of HK$14.9 billion. This now leaves the final decision up to minority shareholders, who will cast their ballots in Hong Kong tomorrow. PCCW shares closed 3 percent higher at HK$3-45 cents today.
