Hong Kong Billionaire Richard Li's Telecom Group PCCW Sells $870 Million Stake In Fiber Unit [Forbes]
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Source: Forbes
Richard Li, chairman of PCCW. HKT, a subsidiary of Hong Kong billionaire flagship telecommunications group PCCW, is selling a 40% stake in a fiber unit for $870 million in cash to the investment arm of Chinese state-owned conglomerate China Merchants Group. HKT, one of Hong Kong's major telecoms operators, has agreed to sell its interests in Regional Link Telecom Services Holdings to China Merchants Capital Holdings, which is jointly owned by China Merchants Group and Asian logistics operator GLP Holdings, according to a filing to the Hong Kong stock exchange Wednesday. The sale will help HKT to further expand its network infrastructure and broaden its service offerings to people in areas including digital lifestyle applications, PCCW said. HKT will deploy the capital for general corporate purposes, including the repayment of debt, the telecommunications conglomerate added. HKT's shares sale “could be interpreted as a cash call” by PCCW for media business development, as it h
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