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15.05.00 13:54

1943 Postings, 7668 Tage TraderPCCW-NEWS

PCCW Confident to End Merger Plan by Early August

May 15,2000 - 15:53:42 HKT [Quote] [DataCards] [Chart] (1186)

Pacific Century CyberWorks Ltd. (1186) today signed a syndicated loan facility worth US$12 billion with 33 banks led by the Bank of China, HSBC Holdings Plc (0005), Barclays Capital and BNP which will together provide a quarter of the total amount. The remaining US$9 billion will be underwritten by other banks at an interest rate of 1.15 percent per annum.

PCCW's Chairman Richard Li, the younger son of billionaire Li Ka-shing, said it was unexpected news that the loan preparation was completed so quickly. Li said the current interest coverage ratio is 2 times, and he was not worried that the interest expenses would be a burden to the company.

Separately, Managing Director Alex Arena emphasized that its takeover bid for Cable & Wireless HKT Ltd. (0008) will be finished in early August as scheduled. Even if Singapore Telecommunications tabled a fresh bid for HKT, the progress of PCCW's merger plan will remain unaffected.

A source close to SingTel said the company will, within this week, decide on whether to launch a counter proposal and a prospective plan may be proposed together with a PRC-backed company.

HKT and its parent Cable & Wireless Plc. have granted an irrevocable agreement to PCCW's merger plan, said Pacific Century Group deputy chairman Francis Yuen, a former chairman of the Stock Exchange of Hong Kong. Yuen said both HKT and C&W Plc. have agreed to the merger plan pending the approval of the court, after which they will dispatch a recommendation note to their shareholders.

At 15:44 Hong Kong time, PCCW shares rose 1.1 percent to HK$13.75 while HKT shed 1.97 percent to HK$17.40.

[ Quamnet News ]


15.05.00 14:31

311 Postings, 7729 Tage papadopeRe: PCCW-NEWS

Hört sich ja ganz zuversichtlich an !!! hoffen wir das der C&W HK Deal so bleibt !!!... wer den Bericht in  der Wirtschaftwoche von letzter Woche gelesen hat.. sieht dann vielleicht besser die Hintergründe die dafür sorgen werden das LI gewinnt !!! Siehe Staat etc.... (3oder 4 seiten PCCW in WIWO )


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