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HK telco talks up sea cable By MEREDITH BOOTH 20oct00 POOR investor sentiment returned to Telstra and Hong Kong partner Pacific Century CyberWorks yesterday, with Telstra falling back and PCCW hitting an all-time low. Shares in the Hong Kong telco fell more than 6 per cent in early trade to its record low of $HK5.95 before closing at a HK10c deficit of $HK6.25. In an effort to bolster its shares, the Hong Kong telco confirmed it was in talks with partner Telstra over a global undersea cable network. Telstra shares also fell 12c to $6 while its deferred scrip slipped 12c to $6.05. The falls were also seen as a reaction to a 1 per cent slide on the US Nasdaq exchange. The Australian telco confirmed it was talking to PCCW and other parties about an undersea cable network, but had made no commitments and would announce news to the market "when appropriate". Telstra spokesman Martin Ratia said Telstra was continually talking to other parties about undersea cable projects. In fact work was about to start on the $500 million Australia Japan Cable project, in which Telstra has a 40 per cent stake, after second tier telcos confirmed their capacity purchases next week, he said. Meanwhile, Hong Kong-based iReality Group`s $6 million cash injection into flailing Internet company LibertyOne helped boost its share price yesterday. The troubled Internet investment house climbed 3c to 9c by close of trade. IReality chief executive Matt Burlage has agreed to loan $500,000 to LibertyOne for working capital expenses and pay 6.24c a share in two tranches for 19.95 per cent of the company. Mr Burlage`s company will also assume management control. Pending shareholder approval in December, the Hong Kong company will be granted LibertyOne options, exercisable at 7.49c for a further 35 per cent of the Internet company. LibertyOne shareholders will vote on the deal at an extraordinary meeting in December. |
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| aus der Diskussion: | PCCW-News, Berichte & Stories 42.KW in Deutsch/Englisch |
| Autor (Datum des Eintrages): | Kersken (20.10.00 08:16:08) |
| Beitrag: | 60 von 67 (ID:2126745) |
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