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----------------- Local Menu ----------------- 2004-04-02Pension fund plans US$2.9b market first NWD to spin off telecom assets Webb dissents as Lee back at HKEx April 20 tipped for SAR tunnel bonds sale SFC tight-lipped on China Life probe Peoples dives 8pc on debut Mobile firm`s first profit `unexciting` Hutchison offers 3G handsets for $498 Home loan recovery lifts HKMC earnings Growth of jobs seen stagnant Manulife to hire 2,000 sales agents Tom puts off acquisition for fourth time Mauritius in all-out effort to woo firms SAR fund sales leap 60pc to hit record Global economy on mend: think-tank Office, flat prices may decelerate after surge Slowdown tipped for home sales Cost of luxury dwellings forecast to rise by 10pc Students storm HQ Attack forces job rethink Our opinions don`t seem to matter Yeoh to push poultry plan 800 staff face huge pay cuts Sars star to run disease centre Waste dump fear of green group 31 schools `set up to fail review` Waterside traps for cunning croc Bets ban may flout WTO Outlook remains bleak for jobless 2004-04-01Democrats break ice in liaison office talks Stock exchange nips Euro-Asia trading bid in bud SFC analyst curbs `will lift confidence` Shipowners make call for stricter safety guidelines Clock is ticking on $49b deficit target Business activity rises for 10th straight month PCCW tips $53m Dong Fang profit Charles Lee reappointed as exchange director BEA hints at asset spin-off More land if sales succeed: Suen Prime Peak site fetches $250m for redevelopment Food firm Cofco`s net rises 2pc Truly posts 86pc jump in earnings Sars backlash mounts RTHK criticism unfair, claims station boss `Long Hair` plays at being heir to HK Tsang comes out fighting over criticism Listen to the people, task force told University wants to cut pay of new staff Lawmaker to act on illegal decoders Heading for happiness with dyed hair Marine toxin infects eight more people Flu fails to stop chicken fans Fears of welfare state are quashed 2004-03-31Tsang: face reality, it`s Beijing`s call Third Towry Law fund may have lost $220m Third Towry Law fund may have lost $220m (Part 2) Li fails to halt Vanda`s 21pc dive Tung `too busy` for special Basic Law debate Firms set to hire more staff Bank`s report paints brighter future for SAR Sogo`s Lifestyle upbeat about float NWS may boost bond issue to raise $1.5b HKMC eyes $20b retail bond launch Cathay`s alliance links expand to e-ticketing Dragonair to cut inflight meals on some routes Disney hands jeweller a golden opportunity Grade A office prices trigger alarm bells Sharp rise in mortgage loan values Agency reaps $122m in flats rebound San Miguel blames Sars for $32m loss Credit scoring helps small businesses obtain unsecured loans Broadcast sector seeks crackdown Tenants upset at selective rent cuts ICAC arrests four for funeral bribes Academics warn of fears Democrats for Beijing flight Bar chief: no need to interpret law Lo demands figures on medical blunders Women in dark about cancer threat Hospitals to hire despite deficit of $600m Stubbing out the cigarette runners New football bet ready to kick off 2004-03-30Hutch to spin off telecoms UBS stuck with Peoples shares as IPO hits wall Developer rebounds to $1.15b profit Fok threatens legal action over licence China expansion StanChart`s `top priority` BOC fears for fiscal measures Ports operator posts record $1.46b profit Shangri-La net up 15pc on post-Sars rebound Surveyors may decide Swire battle Two more firms join IPO rush HKEx official calls for tougher measures Airport exhibition centre to get station `Staff views ignored` in waterworks Ove Arup to conduct link bridge feasibility study Guessing game starts Civil servants` acting pay to be cut back Insured patients face bigger bills US sides with democrats Emergency meeting call Basic Law decision prompts protest Protesters to demand 38pc rent cut for all Honesty scores high in Hong Kong `Green tax` plan would target tyres Extra $18m for water we may not need Newcomer throws down challenge Doubts raised on race bill procedure Affected schools shun `deal` Leather fair sees bullish sales 2004-03-29`Nothing to fear` on review of Basic Law Peoples IPO `to go ahead as planned` Lifestyle plans second Sogo store for Kowloon HSBC bets on insurance growth Tax move `spells trouble` Shui On has no plans to list building materials arm Home sales tipped to pass 13,000 $20b bond sale before summer Doctors call for heads of authority trio Zen blasts Beijing, Tung over reform Cloning test `gives hope to millions` Axe Nets and save schools, say heads HK kids `have less time for parents` Social services at risk: claim Li rules out aid for students across border Lesson in protection for old school 2004-03-28Hu and Wen will say how and why `One country, two systems finished` When`s Tung going to stand up for HK? MTR needs funds for lines Hutch halves price of top 3G handset Corporate behaviour `under the microscope` HKEx to remain listings regulator Society for Harbour to fight on Retina cancer fear for babies Woman,72, among 13 still held over raids ESF teachers to end boycott Emirates in drive to find Chinese crew Protesters hit closures Rules not needed Big four get off to a flyer How did it come to this? How did it come to this? (Part II) Flights of fancy Let`s get digital The scheme of things for HK Electric 2004-03-27Hu and Wen will say how and why PCCW tips $53m Dong Fang profit Georgina Lee PCCW expects a gross profit of HK$53 million from injecting its property assets into listed company Dong Fang Gas Holdings in a HK$6.56 billion reverse takeover announced last month. The company said in a circular to shareholders released yesterday that such a before-expenses profit could be realised through its holding of 1.65 billion new Dong Fang shares, worth HK$2.97 billion. The valuation, however, took into account a 10-to-1 consolidation of Dong Fang shares, one of the proposals that need approval from the ceramic tile-making company`s shareholders at a future special general meeting. PCCW would be issued the shares at HK$1.8 each, almost three times higher than the 48 HK cents that Dong Fang was last trading at before the backdoor listing was announced on March 5. PCCW shareholders are scheduled to vote on the deal at a separate extraordinary general meeting on April 29. The HK$53 million gross profit would also be realised through capitalising a HK$2.97 billion shareholder loan previously owned by the property assets` holding companies to PCCW. The assets to be injected into Dong Fang include PCCW`s Pacific Century Place Beijing, its A-grade office complex PCCW Tower in Taikoo Place, a 50,000-square-foot telephone exchange in Queen`s Road and other telephone exchange sites. The deal will also pass PCCW`s development rights of Cyberport to Dong Fang. These assets together are estimated to be worth HK$6.76 billion. PCCW said the deal would also reduce its net liability to about HK$7.287 billion from HK$7.536 billion as at the end of 2003. The reduction is partly due to HK$36 million in goodwill arising from the transaction. The HK$6.56 billion price tag that Dong Fang is paying also includes a HK$3.6 billion convertible bond that it is issuing to PCCW. The telecom giant expects to retrieve US$700 million to US$800 million (HK$5.46 billion to HK$6.24 billion) from the transactions over the next three to four years through loan repayments and the convertible bonds. After completion of the deal, PCCW will hold 93.42 per cent of Dong Fang, and the public will hold 3.74 per cent of its enlarged share capital. It has already said it intends to maintain the public float of Dong Fang back to at least the minimum requirement of 25 per cent, probably through a future placement of Dong Fang shares. PCCW, which would become a purely telecom play after the deal, also gave up-to-date financial information in the circular. It said that as at the end of January this year, it had total outstanding borrowings of about HK$35.52 billion. The company is in a negative asset position, with HK$7.54 billion net liabilities as at the end of last year. |
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| aus der Diskussion: | PCCW News aus Hongkong |
| Autor (Datum des Eintrages): | THMunding (02.04.04 10:54:35) |
| Beitrag: | 59 von 59 (ID:12631166) |
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