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6 months ago
PCCW to sell $1.1 bln HKT Trust units to fund core businesses
February 13, 2017 / 12:53 AM / 6 months ago

PCCW to sell $1.1 bln HKT Trust units to fund core businesses

HONG KONG, Feb 13 (Reuters) - PCCW Ltd said on Monday it would sell HK$8.53 billion ($1.10 billion) worth of share stapled units at HKT Trust and HKT Ltd, raising proceeds to fund its investment in core businesses and to repay debt.

PCCW will sell 840.75 million units, representing 11.1 percent of the total number of units in issue, to third-party investors at HK$10.15 per unit, the telecom group said in a filing to the Hong Kong bourse.

The price tag represented an 8.4 percent discount to the previous close of the units, while PCCW's holding in HKT Trust and HKT Ltd will be reduced to 51.97 percent from 63.07 percent.

Last week, PCCW had agreed to sell its British broadband internet business to compatriot CK Hutchison Holdings Ltd for 300 million pounds ($374.25 million), to focus on its media and solutions divisions as well as its free TV service.

$1 = 7.7580 Hong Kong dollars Reporting by Donny Kwok; Editing by Stephen Coates

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