Brief: PCCW Announces Formation Of JV With Standard Chartered And CTRIP

Pccw

27/03/2019 10:02

March 27 (Reuters) - Pccw Ltd  0008.HK :
    * ANNOUNCES FORMATION OF JOINT VENTURE WITH STANDARD
CHARTERED AND
CTRIP TO ESTABLISH A VIRTUAL BANK IN HONG KONG
    * UNITS OF  HKT AND PCCW ENTERED INTO SUBSCRIPTION AGREEMENT
WITH
SC DIGITAL, STANDARD CHARTERED AND CTRIP SUB FOR JV FORMATION
    * BUSINESS WILL BE CONDUCTED BY SC DIGITAL AS JOINT VENTURE
COMPANY
    * HKT SUB AND PCCW SUB HAVE AGREED TO INVEST UP TO FURTHER
AMOUNT
OF ABOUT HK$239.3 MILLION AND HK$159.5 MILLION, RESPECTIVELY
    * PCCW SUB HAS AGREED TO SUBSCRIBE FOR 16.1 MILLION ORDINARY
SHARES IN SC DIGITAL FOR ABOUT HK$161.1 MILLION
    * HKT SUB AGREED TO SUBSCRIBE FOR 24.2 MILLION ORDINARY
SHARES IN
SC DIGITAL FOR AGGREGATE PRICE OF ABOUT HK$241.6 MILLION

Source text for Eikon:  ID:nHKS7X87Mb 
Further company coverage:  0008.HK 

 ((Reuters.Briefs@thomsonreuters.com;))