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

HKT Trust and HKT

13/02/2017 24:51

HONG KONG, Feb 13 (Reuters) - PCCW Ltd  0008.HK  said on 
Monday it would sell HK$8.53 billion ($1.10 billion) worth of 
share stapled units at HKT Trust and HKT Ltd  6823.HK , 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 
 0001.HK  for 300 million pounds ($374.25 million), to focus on 
its media and solutions divisions as well as its free TV 
service.  urn:newsml:reuters.com:*:nL4N1FS1IJ 
        
 
($1 = 7.7580 Hong Kong dollars) 
 
 (Reporting by Donny Kwok; Editing by Stephen Coates) 
 ((donny.kwok@thomsonreuters.com; +852 2843 6470; Reuters 
Messaging: donny.kwok.reuters.com@reuters.net)) 
 
Keywords: PCCW HKT TRUST/PLACEMENT