HK's PCCW jumps after selling data centre business to DigitalBridge-backed firm

Pccw

26/07/2021 08:17

** Shares of telecommunications services group PCCW Ltd
 0008.HK  rise 2.7% to HK$4.24, on course for their best day
since Feb. 10
    ** Stock hits the highest since June 2; biggest percentage
gainer in the composite industry index tracking
telecommunication stocks  .HSCIT  
    ** Co says it has agreed to sell its data centre business in
Hong Kong and Malaysia to DigitalBridge Group Inc
 DBRG.N -backed PowerDC Holdco Pte Ltd for $750 mln
 urn:newsml:reuters.com:*:nFWN2P100C urn:newsml:reuters.com:*:nFWN2P000U
    ** Says deal will allow co to streamline its operations to
focus on technology, IP development and services, while it can
also preserve capital allocation flexibility to drive growth in
future 
    ** The Hong Kong composite Industry Index tracking
telecommunication stocks  .HSCIT  falls 1.9%, and the composite
industry index tracking industrials  .HSCIIG  drops 2%
    ** The benchmark Hang Seng Index  .HSI  plunges 3.2%   
    ** The stock had fallen 11.6% this year, as of last close 

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))