PCCW invites bid for a 45% stake in its HKT Group (Hong Kong)
PCCW (Hong Kong-based full-service telecoms group) has invited bidders for a 45% stake in its newly-created HKT Group Holdings unit which expected to receive offers as much as a third lower than its original reserve price because of the worldwide banking crisis and its own falling share price, media reported. Previusly six bidders have been shortlisted for a stake in the new division comprising PCCW’s core telecoms, media and IT assets, originally estimated to be worth up to USD2.5 billion. Formal bids are anticipated by the end of this week.
