Bloomberg News

PCCW Said to Plan Early November Hong Kong Listing for Trust

October 06, 2011

Oct. 6 (Bloomberg) -- PCCW Ltd. plans to list its telecommunications business trust in the first week of November if shareholders approve the plan at a meeting next week, two people with knowledge of the matter said.

The phone company may start gauging investor demand for its HKT Trust in mid-October, pending approval by an extraordinary general meeting on Oct. 12, said the people, who declined to be identified because the information is private.

PCCW, the biggest phone carrier in Hong Kong, may raise more than HK$10 billion ($1.3 billion) from the initial public offering to repay debt and fund investments, the company said in a statement on Sept. 25. PCCW may sell 36.7 percent of the units in HKT Trust in the IPO, according to the statement.

Billionaire Chairman Richard Li aims to lure investors to Hong Kong’s first business trust by offering to pay out a higher proportion of income from PCCW units including fixed-line phone services and broadband Internet as dividends. A global stock market rout caused companies including Sany Heavy Industry Co. to delay or cancel share sales in the past month.

Anita Choi, a spokeswoman at PCCW in Hong Kong, declined to comment on the listing timetable

--Editors: Philip Lagerkranser, Mohammed Hadi.

To contact the reporters on this story: Fox Hu in Hong Kong at fhu7@bloomberg.net; Mark Lee in Hong Kong at wlee37@bloomberg.net.

To contact the editor responsible for this story: Philip Lagerkranser at lagerkranser@bloomberg.net


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