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PCCW <1186.HK> to hold news conference on Tuesday
HONG KONG, Jan 25 (Reuters) - Pacific Century CyberWorks Ltd (PCCW) said on Tuesday it will hold a news conference at 3:45 p.m. local time (0745 GMT). A company spokeswoman declined to comment on the subject of the news conference but brokers suggested it could be related to an announcement of its investment in Cheung Kong group's Internet portal operator TOM.COM Ltd. Shares of Cheung Kong (Holdings) Ltd <0001.HK> and Hutchison Whampoa Ltd <0013.HK> reversed course and ended the morning higher.
Cheung Kong jumped HK$1.00 to HK$95.00 and Hutchison also added HK$1.00 to HK$105.00, while the Hang Seng Index was down 58.24 points, or 0.38 percent, at 15,109.31 .
"There is talk that the company is holding a press conference and probably it is related to its investment in TOM.COM shares," one broker said. PCCW chairman Richard Li said earlier this month that PCCW would take a stake of less than 10 percent in TOM.COM.
PCCW shares added HK$0.10 or 0.6 percent to end the morning at HK$16.65.
TOM.COM, which is 20 percent held by Cheung Kong and 40 percent by its affiliate Hutchison, launched its website www.tom.com last week. The remaning 40 percent of TOM.COM is held by a consortium of strategic investors, Chief Executive of TOM.COM Carl Chang said last week. He said the company was considering inviting in additional strategic investors, including PCCW, which is a subsidiary of Singapore-listed Pacific Century Regional Developments Ltd .
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