PCCW-News, Berichte & Stories 02.KW in Deutsch/Englisch - 500 Beiträge pro Seite

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08:59 08-JAN-2001
Orange reported buying MobileOne stake from PCCW, C&W

Orange Plc., the second largest mobile company in Europe, has indicated interest to buy 30 pct of Singapore-based mobile phone operator MobileOne Asia Pte., or M1, from Cable & Wireless (C&W) and Pacific Century CyberWorks (PCCW) (0008-HK), according to Straits Times.

Orange also plans to lease spectrum space capacity from Asian telecom operators and to resell services through M1.

PCCW and C&W each owns a 15 pct stake in M1. Sources also said that PCCW was interested in the M1 stakes held by C&W.
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11:16 08-JAN-2001
PCCW (0008-HK) to set up new India-based subsidiary

Pacific Century CyberWorks Limited (PCCW) said that it would invest US$950,000 in India-based Pacific Netinvest Limited (PNI) through its 60 pct owned Pacific Convergence (Mauritius) Limited (PCM). SPA Enterprise is the other shareholder of PNI.

PCM will hold a 49 pct stake in PNI while SPA owns the remainder which is estimated at US$990,000.

Upon the completion of the deal, PNI will buy a 51 stake in Data Access for the US$1.94 million derived. The deal will be completed by January 12 or before.

There were banks reportedly requesting PCCW to raise the interest rate of the US$1.5 billion loan with Australia`s Telstra Internet backbone joint venture after PCCW lifted the interest rate of the US$4.7 billion refinancing last week, according to the Hong Kong Economic Times citing banking sources.

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North Asia News
Mon, 08 Jan 2001, 6:36pm HKT
CyberWorks Sets Deadline for Banks After Raising Yield on Loan
By Cathy Chan and Kate Linebaugh

Hong Kong, Jan. 8 (Bloomberg) -- Pacific Century CyberWorks Ltd. gave banks until this Friday to accept new terms for its $4.7 billion loan after lenders balked at earlier conditions for the credit, according to a letter sent to potential participants.

Bank of China, Barclays Plc, HSBC Holdings Plc, J.P. Morgan Chase & Co. and Mizuho Holdings Inc., which are arranging the loan, sent the letter to banks Friday, the same day the company said it raised the interest margin it will pay.

``We are pleased to invite you to reconsider joining the facility as a senior lead arranger by committing either $200 million or $150 million,`` said the letter, signed by Grace Tam, managing director at Barclays, Barry Mok, managing director at BOCI Capital Ltd., Tay Tong Poh, managing director at Chase, Richard Ho, assistant general manager at Mizuho`s Fuji Bank Ltd., and Paul Tay, HSBC`s head of syndicated finance.

CyberWorks, controlled by the son of tycoon Li Ka-shing, Richard Li, needs to fully repay by February a $9 billion credit it used to help pay for its purchase of Cable & Wireless HKT Ltd., Hong Kong`s dominant phone company, last year.

Officials at the banks and CyberWorks didn`t return calls for comment.

The firm on Friday raised the interest margin on the loan by as much as 0.65 percentage points to entice more banks to lend to Hong Kong`s biggest Internet company. Financing costs for telephone and Internet companies are rising after a more than $250 billion borrowing binge last year.

There are already six banks that have agreed to lend between $150 million and $200 million, according to the letter.

Banks lending $200 million will receive arrangement fees of 17.5 basis points, and a management fee of 60 basis points, according to the letter.

Management Fees

The management fee is the same for banks lending $150 million, while the arrangement fee is 12.5 basis points.

That means banks lending $200 million will earn 110.8 basis points more than Libor for the three-year tranche, 130.5 for the five-year tranche, and 156.1 for the seven-year tranche.

The banks will open the loan up to general syndication Monday, the letter said.

CyberWorks and Telstra Corp. slashed the size of a loan they are raising for an Internet infrastructure venture by 25 percent to $1.5 billion last December.

Now banks that are lending to that venture are seeking to increase the interest margins on that loan, according to bankers involved in the loan.

``There is a chance the loan will be re-priced because originally the pricing of both loans were similar,`` said Bethany Chan, an analyst at UBS Warburg in Hong Kong.

Dividend Restrictions

The banks lending to the bigger loan, which is for HKT, also won a concession that restricts the amount of dividends CyberWorks can take from its fixed line and mobile phone unit.

CyberWorks agreed to lower the amount of dividends it receives from HKT to 35 percent from 75 percent should the phone firm`s debt exceed 3.5 times earnings before interest, tax, depreciation and amortization, the documents say.

And if its debt is between 2.5 times and 3.5 times those earnings, the company can only pay 75 percent of its profit as a dividend.

``It`s the company`s cash-cow and the dividend restriction will further limit its expansion plans,`` said Danny Chung, an analyst at Sassoon Securities Ltd. ``Having said that, the company doesn`t need much funds as it plans to scale back on new venture investments,`` he said.

CyberWorks slumped last year amid a global skid in telecommunications and Internet stocks, tumbling 72 percent, making it the worst-performing stock on the Hang Seng Index. Its shares fell 2.5 percent today to HK$4.87.

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North Asia News
Mon, 08 Jan 2001, 6:36pm HKT
CyberWorks Sets Deadline for Banks After Raising Yield on Loan
By Cathy Chan and Kate Linebaugh

Hong Kong, Jan. 8 (Bloomberg) -- Pacific Century CyberWorks Ltd. gave banks until this Friday to accept new terms for its $4.7 billion loan after lenders balked at earlier conditions for the credit, according to a letter sent to potential participants.

Bank of China, Barclays Plc, HSBC Holdings Plc, J.P. Morgan Chase & Co. and Mizuho Holdings Inc., which are arranging the loan, sent the letter to banks Friday, the same day the company said it raised the interest margin it will pay.

``We are pleased to invite you to reconsider joining the facility as a senior lead arranger by committing either $200 million or $150 million,`` said the letter, signed by Grace Tam, managing director at Barclays, Barry Mok, managing director at BOCI Capital Ltd., Tay Tong Poh, managing director at Chase, Richard Ho, assistant general manager at Mizuho`s Fuji Bank Ltd., and Paul Tay, HSBC`s head of syndicated finance.

CyberWorks, controlled by the son of tycoon Li Ka-shing, Richard Li, needs to fully repay by February a $9 billion credit it used to help pay for its purchase of Cable & Wireless HKT Ltd., Hong Kong`s dominant phone company, last year.

Officials at the banks and CyberWorks didn`t return calls for comment.

The firm on Friday raised the interest margin on the loan by as much as 0.65 percentage points to entice more banks to lend to Hong Kong`s biggest Internet company. Financing costs for telephone and Internet companies are rising after a more than $250 billion borrowing binge last year.

There are already six banks that have agreed to lend between $150 million and $200 million, according to the letter.

Banks lending $200 million will receive arrangement fees of 17.5 basis points, and a management fee of 60 basis points, according to the letter.

Management Fees

The management fee is the same for banks lending $150 million, while the arrangement fee is 12.5 basis points.

That means banks lending $200 million will earn 110.8 basis points more than Libor for the three-year tranche, 130.5 for the five-year tranche, and 156.1 for the seven-year tranche.

The banks will open the loan up to general syndication Monday, the letter said.

CyberWorks and Telstra Corp. slashed the size of a loan they are raising for an Internet infrastructure venture by 25 percent to $1.5 billion last December.

Now banks that are lending to that venture are seeking to increase the interest margins on that loan, according to bankers involved in the loan.

``There is a chance the loan will be re-priced because originally the pricing of both loans were similar,`` said Bethany Chan, an analyst at UBS Warburg in Hong Kong.

Dividend Restrictions

The banks lending to the bigger loan, which is for HKT, also won a concession that restricts the amount of dividends CyberWorks can take from its fixed line and mobile phone unit.

CyberWorks agreed to lower the amount of dividends it receives from HKT to 35 percent from 75 percent should the phone firm`s debt exceed 3.5 times earnings before interest, tax, depreciation and amortization, the documents say.

And if its debt is between 2.5 times and 3.5 times those earnings, the company can only pay 75 percent of its profit as a dividend.

``It`s the company`s cash-cow and the dividend restriction will further limit its expansion plans,`` said Danny Chung, an analyst at Sassoon Securities Ltd. ``Having said that, the company doesn`t need much funds as it plans to scale back on new venture investments,`` he said.

CyberWorks slumped last year amid a global skid in telecommunications and Internet stocks, tumbling 72 percent, making it the worst-performing stock on the Hang Seng Index. Its shares fell 2.5 percent today to HK$4.87.

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PCCW, CAS to Develop Bilingual Chinese Browser
[January 8] China is developing the world`s first English-Chinese bilingual Internet browser.

The Chinese Academy of Sciences (CAS) and the Hong Kong-based Internet company PCCW-HKT, the merged conglomerate of Pacific Century CyberWorks and Hong Kong Telecom, have jointly invested 100 million renminbi (US$12 million) in the project`s research and development.

The joint venture, called the Cyber Trans Science and Technology Development Co., will soon launch a browser that provides automatic translation between English and Chinese as well as the ordinary functions of other Internet browsers, the Jan. 5 China Daily reported.

PCCW-HKT controls 51 percent of the newly established joint venture, while CAS controls the other 49 percent.

"Our target is to grab back the browser market, which is totally controlled by Microsoft and Netscape," the joint venture, Cyber Trans Science and Technology Development Co., said in a statement. The new company expects the domestically made browser will help spur the development of the Internet in China.

However, the company said it is facing many difficulties capturing a share of the market because the most Chinese Internet users are accustomed to Internet Explorer and Netscape browsers. More difficulties will arise as both Microsoft Corp. and Netscape work to update their products, the article said.

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Monday, January 8 8:13 AM SGT
France Telecom To Buy Singapore MobileOne`s Stake: Report

SINGAPORE (Dow Jones)-- France Telecom`s (FTE) mobile telephone unit, Orange, is in "active discussions" to acquire up to 30% of Singapore`s soon-to-be-listed cellular operator, MobileOne, reported the Straits Times Monday, quoting unnamed sources.
The report said Orange was looking to acquire half of the targeted 30% stake from U.K.-based communications company, Cable & Wireless Communications Plc (U.CWR); and the remaining half from Hong Kong-based Cable & Wireless Communications HKT Ltd. (H.CBW), a unit of Pacific Century Cyberworks Ltd. (P.PCW).

Quoting unnamed sources, the newspaper said negotiations between Orange and MobileOne`s shareholders have been going on for some time. It added that Orange`s executives have "flown into Singapore several times" for approval from the latter`s other shareholders - Keppel Telecommunications and Transport Ltd. (P.KTT) and Singapore Press Holdings Ltd. (P.SPH).

Singapore`s second-largest mobile telephone operator, MobileOne`s shareholders include: Keppel Telecommunications and Transport, or Keppel T&T, which has a 35% stake; Singapore Press Holdings, or SPH, which has a 35% stake; Cable & Wireless Communications, or C&W, which has a 15% stake; and Cable & Wireless HKT, which has another 15% stake. - - 08/01/01 00-13G

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Orange in talks to buy into M1
France Telecom unit is eyeing Cable & Wireless and CyberWorks` stakes in the mobile phone operator

By Denesh Divyanathan
TECHNOLOGY REPORTER

FRANCE Telecom`s wholly owned mobile phone arm, Orange, is in active discussions with M1`s shareholders to acquire Cable & Wireless` (C&W) 15 per cent stake in the mobile operator.


Mr Ng of Keppel T&T would only say that "several telco players have been in talks with us to explore strategic partnership for several ventures."

It is also trying to get Mr Richard Li`s Pacific Century CyberWorks to agree to selling its 15 per cent stake in M1, which is held through HKT PCCW - which until August last year was a subsidiary of C&W in London.

Sources said negotiations between Orange and the M1 shareholders have been going on for some time now.

Already, Orange executives have `flown into Singapore several times` to seek the approval of M1`s local shareholders - Keppel Telecommunications & Transportation (Keppel T&T) and Singapore Press Holdings (SPH).

This is because the local heavyweights have the `first right of refusal` under a pre-emptive clause in the partners` agreement.

More importantly, though, getting the blessings of the existing shareholders is crucial to ensure that any future in-fighting in a joint venture is minimised, said the market-wat- chers.

M1, which is Singapore`s second-largest cellular operator, currently has four stakeholders: SPH (35 per cent), Keppel T&T (35 per cent), C&W (15 per cent) and HKT PCCW (15 per cent).

The combined 30 per cent stake held by C&W and HKT PCCW is actually held through a single holding company - a relic from the days when HKT PCCW was a C&W subsidiary.

`It`s a bit complicated now because HKT PCCW is no longer associated with C&W after the sale to Richard Li`s CyberWorks,` said a source.

To further complicate matters, CyberWorks is believed to be interested in hanging onto its stake in M1.

A source said that C&W, which has made public its intention to exit the cellular business in Asia to focus on corporate data and the Internet, is still bent on the sale.

It is believed to have valued M1 at $3 billion. It will sell the entire 30 per cent stake in M1 and split the proceeds accordingly.

CyberWorks will then be left with the choice of hanging onto the cash or buying back into the company, said a source.

`That makes sense because they will get more on a per share basis if they sell a larger stake,` he said.

Indeed, sources say that Orange`s intention is to own a majority stake in M1 `some time down the road` if it were to buy into M1 at all - giving further explanation for the lengthy talks held with Keppel T&T and SPH.

This is because Orange`s plan is to use its stake in M1 as a base from which to launch an assault on Asian markets as a Mobile Virtual Network Operator (MVNO), the sources said.

MVNOs are cellular operators which do not invest in network infrastructure. Rather, they lease the necessary capacity from existing operators and resell the services to consumers.

One of the more well-known MVNOs is Virgin Mobile, which is a 50:50 venture between Sir Richard Branson`s Virgin Group and SingTel Mobile.

`Their intention is to give Virgin Mobile a run for its money in the region,` said a source.

When contacted, an Orange spokesman in London made no attempt to hide the company`s global ambitions.

`We have stated publicly that Orange will have interests in 50 countries by 2005. These countries would undoubtedly include areas in Asia and South-east Asia.`

Orange operates in 16 countries at present.

But it could not comment on `any specific dealings we may or may not be involved in`, he said.

Keppel T&T managing director Ng Eng Ho was equally coy.

`Several telco players have been in talks with us to explore strategic partnership for several ventures,` he said.

C&W declined comment.

Analysts noted that Orange`s interest in M1 would not be surprising, especially given its recent investment in a Thai mobile operator late last year.

Said a telco analyst with a US investment bank: `Orange`s foray into Thailand shows that they are interested in the region and Singapore is a key part of the region serving as the telco hub of South-east Asia.

`It`s a useful base for building 3G applications and distributing them throughout the region.`

Ever since C&W made public its intention to sell out from M1, numerous telcos have been linked to it, including Britain`s Vodafone AirTouch, Japan`s KDD and Australia`s Telstra.

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Orange will MobileOne von PCCW und C&W kaufen

Orange, eine der größten europäischen Mobilfunkgesellschaften, hat nach eigenen Angaben Interesse an dem Singaporer Mobilfunkunternehmen MobileOne Asia (M1). Man plant jeweils 15 % von C&W und PCCW zu erwerben.

Orange will zusätzlich Netzkapazitäten von anderen asiaitischen Telekomunternehmen mieten und diese über MobileOne verkaufen.

In den letzten Monaten war berichtet worden, dass auch PCCW seinen Anteil an MobileOne erhöhen wolle. Das Internet- und Telekommunikationsunternehmen von Richard Li zeigte Interesse am 15 % Anteil von C&W.

-js- 08.01.01 08:38:00

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PCCW kauft 49 % von Pacific Netinvest

PCCW wird sich durch seine 60 %-Tochter Pacific Convergenz (Mauritius) mit 49 % an dem indischen Unternehmen Pacific Netinvest (PNI) beteiligen. Der Kaufpreis soll bei 950.000 US-$ liegen. Die restlichen Anteile sind in den Händen von SPA. Weiter wird PNI 51 % von Data Access für 1,94 Mill US-$ erwerben, womit nun PCCW indirekt 15 % an Data Access hält.

Data Access ist der indische Provider von dem Breitband-Servie NOW von PCCW. Außerdem entwickelt man noch verschiedene Entertainment-Services. PCCW sagte, dass man durch die Akquisition vom Wachstum von Data Accesss profitieren will.

-js- 08.01.01 09:04:00

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PCCW kauft Anteile an Netinvest

Pacific Century Cyberworks hat heute mitgeteilt, dass man über Pacific Convergence Limited 950.000 US-$ in die indische Pacific Netinvest Limited investieren wird. Pacific Convergence wird dann 49% des Unternehmens besitzen. Netinvest soll nach Abschluss des Deals dann einen 51% Anteil an Data Access erwerben. PCCW will so noch mehr von dem erwarteten Wachstum von Data Access, dem indischen Provider des Network of the World (NOW), profitieren. (jf)

© Emerging Markets Research, 08.01.01
http://www.em-research.de

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PCCW: Orange will M1 Anteile

Wie heute bekannt wurde, ist die Mobilfunkabteilung der France Telecom, Orange, in Gesprächen über den Erwerb von Anteilen an dem Singapurer Telekommunikationsunternehmen MobileOne (M1). Es sollen eventuell Anteile von PCCW und von C&W übernommen werden. Allerdings hatte kürzlich auch PCCW Interesse an einer Erhöhung der Anteile gemeldet (siehe News). Analysten erwarten, dass diese Meldungen sich momentan nicht auf den Kurs von PCCW auswirken werden, da die Situation völlig offen ist. (jf)

© Emerging Markets Research, 08.01.01
http://www.em-research.de

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09:43 09-JAN-2001
PCCW (0008-HK) to pay extra $47m/yr for JV loan interest

J.P. Morgan Chase and Barclays International Funds Asia, lead arranger banks for Pacific Century CyberWorks` (PCCW) IP backbone with Telstra, said after a discussion with PCCW that they have decided to increase the interest spread for the US$1.5 billion refinancing loan for the IP backbone joint venture by an average of 40 basis points (based on HIBOR or LIBOR), according to the Hong Kong Economic Times. Details will be announced today at the earliest.

The IP backbone joint venture loan was divided in parts with terms at three years, five years and seven years (most were five-year). Interest spread reached 85 basis points together with charges. So, raising it by 40 basis pts will take the spread to 1.2 pct, which will cost the company an extra $47 million.

(End)

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Singapore 08/01 10:51 AM:
Orange to buy into M1?

According a newspaper report, Orange, the wholly-owned mobile phone arm of France Telecom`s, is in active discussions with M1`s shareholders to acquire Cable & Wireless` (C&W) 15% stake in M1, the second largest cellular operator here. It is also trying to get Richard Li`s Pacific Century CyberWorks to agree to selling its 15% stake in M1, which is held through HKT PCCW.

The other shareholders in M1 are SPH (35%) and Keppel T&T (35%), both have the ‘first right of refusal’ for the transaction to materialise. To further complicate matters, CyberWorks is believed to be interested in hanging onto its stake in M1. According to sources, C&W, which has made public its intention to exit the cellular business in Asia to focus on corporate data and the Internet, is still bent on the sale.


It is believed that C&W has valued M1 at $3 billion and will sell the entire 30% stake in M1 and split the proceeds accordingly with CyberWorks. It is also Orange`s intention is to own a majority stake in M1 as it plans to use its stake in M1 as a base from which to launch an assault on Asian markets as a Mobile Virtual Network Operator (MVNO). MVNOs are cellular operators which do not invest in network infrastructure. Rather, they lease the necessary capacity from existing operators and resell the services to consumers. One of the more well-known MVNOs is Virgin Mobile, which is a 50:50 venture between Richard Branson`s Virgin Group and SingTel Mobile.


Ever since C&W made public its intention to sell out from M1, numerous telcos have been linked to it, including Britain`s Vodafone AirTouch, Japan`s KDD and Australia`s Telstra. Valuations on M1 has also fluctuates between $2b - $3b. With a subscriber base of more than 600,000, the buyer will be paying between $3333 - $5000 per subscribers. Based on M1’s average revenue per subscriber per month (ARPU) of $65, the annual gross yield on each subscriber will range from 23% to 16%.


Based on the value of $3b and the book value of M1 of around $360m, the revaluation surplus for SPH and Keppel T&T will be some $923m, adding $2.50 and $1.75 their break-up values respectively.


(by Stephanie Wong/Kim Eng Securities)

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CyberWorks sets deadline for banks
Cathy Chan and Kate Linebaugh, Bloomberg


PCCW, controlled by Richard Li Tzar-kai, needs to repay by February a $70.2 billion credit it used to purchase Cable & Wireless HKT
Picture: Hong Kong iMail

PACIFIC Century CyberWorks (0008) gave banks until this Friday to accept new terms for its US$4.7 billion (HK$36.66 billion) loan after lenders baulked at earlier conditions for the credit, according to a letter sent to potential participants.
Bank of China, Barclays Bank, HSBC Holdings (0005), JPMorgan Chase and Mizuho Holdings, which are arranging the loan, sent the letter last Friday, the same day the company said it raised the interest margin it will pay.
``We are pleased to invite you to reconsider joining the facility as a senior lead arranger by committing either US$200 million or US$150 million,`` said the letter, signed by Grace Tam, managing director at Barclays; Barry Mok, managing director at BOCI Capital; Tay Tong Poh, managing director at Chase; Richard Ho, assistant general manager at Mizuho`s Fuji Bank and Paul Tay, HSBC`s head of syndicated finance.
CyberWorks, controlled by the son of tycoon Li Ka-shing, Richard Li Tzar-kai, needs to fully repay by February a US$9 billion (HK$70.2 billion) credit it used to help pay for its purchase of Cable & Wireless HKT last year.
Officials at the banks and CyberWorks didn`t return calls.
CyberWorks last Friday raised the interest margin on the loan by as much as 0.65 percentage points to entice more banks to lend to the company. Financing costs for telephone and Internet companies are rising after a more than US$250 billion borrowing binge last year.
There are already six banks that have agreed to lend between US$150 million and US$200 million, according to the letter.
Banks lending US$200 million will receive arrangement fees of 17.5 basis points, and a management fee of 60 basis points, according to the letter. The management fee is the same for banks lending US$150 million, while the arrangement fee stands at 12.5 basis points.
That means banks lending US$200 million will earn 110.8 basis points more than Libor (London interbank offered rate) for the three-year tranche, 130.5 for the five-year tranche, and 156.1 for the seven-year tranche.
CyberWorks and Telstra have slashed the size of a loan they are raising for an Internet infrastructure venture by nearly 25 per cent to US$1.5 billion last December.
Now banks that are lending to that venture are seeking to increase the interest margins on that loan, according to bankers involved in the loan.
``There is a chance the loan will be repriced because originally the pricing of both loans were similar,`` said Bethany Chan, an analyst at UBS Warburg.
The banks providing for the bigger loan, which is for HKT, also won a concession that restricts the amount of dividends CyberWorks can take from its fixed-line and mobile phone unit.
CyberWorks agreed to lower the amount of dividends it receives from HKT to 35 per cent from 75 per cent should the phone firm`s debt exceed 3.5 times earnings before interest, tax, depreciation and amortisation, the documents say. And if its debt is between 2.5 times and 3.5 times those earnings, the company can only pay 75 per cent of its profit as a dividend.
``It`s the company`s cash-cow and the dividend restriction will further limit its expansion plans,`` said Danny Chung, an analyst at Sassoon Securities. ``The company doesn`t need much funds as it plans to scale back on new venture investments,`` he said.
CyberWorks stock fell last year amid a global skid in telecommunications and Internet stocks, tumbling 72 per cent, making it the worst-performing stock on the Hang Seng Index. Shares fell 2.5 per cent yesterday to $4.87.
9 January 2001 / 01:35 AM

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PCCW to face hearing over telephone unit`s practices
Roger Evers

PACIFIC Century Cyberworks (PCCW) (0008) faces a hostile public hearing next month after its fixed-line phone subsidiary was accused of cheating consumers and resisting government-led moves to open the market to competition.
Legislators at a Legco panel meeting said they hoped to force a redrafting of the fixed-line code of practice to introduce competition more quickly into the market.
Legislators were quick to slam the Hong Kong Telephone Company (HKTC), acquired by PCCW in its merger with Hong Kong Telecom, for opening only 5 per cent of its network to rivals over six years.
They said HKTC`s $110 monthly charge hurt consumers and businesses that couldn`t change to much cheaper rival services. And they doubted HKTC would meet the government-set target for opening half of its network to competition by 2002.
The government could fine HKTC $1 million if it did not make the target, one observer said.
``Most people can`t change to another operator,`` said Democrat legislator Sin Chung-kai. ``They are forced to pay a high price to a company they don`t choose.``
New political resolve over this long-standing consumer issue followed HKTC`s unpopular decision to raise its rates by the maximum $20 last month, well above the 2 per cent average increase in wages over the year and in the face of an unemployment rate double that before the Asian crisis.
``Most, if not all, the legislators have a grievance about this,`` according to Mr Sin.
``After the price increase the demand for switching to new competitors has been increasing.``
Rival operators submitted details of how they said HKTC hampered access to its networks.
Setting up basic access through ``co-location exchanges`` takes six to eight months, according to rival New World Telephone (NWT).
HKTC offers only three or four of its 80 co-location exchanges each year, implying access to the full network could take 20 years, according to NWT.
HKTC likewise charges well above the cost-price for access to the exchanges when they are made available, NWT said. Local access is also complicated.
``These barriers have not only frustrated the company`s efforts to reach out to more customers since market deregulation in 1995, but also the government`s efforts to instil more competition in the fixed- phone line market,`` NWT said in a submission to Legco.
9 January 2001 / 02:14 AM

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09:28 10-JAN-2001
UBS Warburg projects PCCW`s NOW to lose over $2.7b in 5 years

UBS Warburg said in a latest report that Pacific Century CyberWorks (PCCW) (0008-HK)`s reduced investment in NOW could help reduce PCCW`s loss.

UBS Warburg estimates that NOW`s loss would be trimmed from US$1 billion (approximately HK$7.8 billion) in three years to US$350 million (approximately HK$2.73 billion) in five years after the cutback in investment.

PCCW`s B2B business will only bring several million of profit in US to the company each year, the report said.

It is believed that PCCW will increase the weighting on its B2B business.

(End)

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PCCW-Telstra jv to raise rates on 1.5 bln usd loan by 40 basis pts
Jan 09 2001 10:21AM

Hong Kong, January 9 (AFX-ASIA) - The IP backbone joint venture between Pacific Century CyberWorks Ltd and Telstra Corp has agreed to raise the rates on its 1.5 bln usd syndicated loan by 40 basis points above those initially proposed, the Hong Kong Economic Times reported, quoting market sources.
The sources said the loan will be divided into three-year, five-year and seven-year tranches, with the bulk in the five-year tranche.

The sources said the additional 40 basis points are expected to increase interest payments on the loan by 47 mln hkd annually.

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Technology News
01/08 19:40
CyberWorks, Telstra Asked to Increase Rate on Loan, Paper Says
By Cathy Chan


Hong Kong, Jan. 9 (Bloomberg) -- Pacific Century CyberWorks Ltd. and Telstra Corp. are being asked to increase the interest rate on a $1.5 billion loan by as much as 55 basis points after lenders showed little interest in the credit, Ming Pao Daily reported, citing unidentified bankers.

Internet Protocol Backbone Co., a joint venture carrier of voice, data and Web services between the two companies, will pay between 75 basis points and 135 basis points more than the London interbank offered rate for the credit, the paper said. The banks originally asked for 50 basis points to 80 basis points for the loan depending on the maturity.

Hong Kong Economic Times and Oriental Daily News reported banks asking for a 40 basis point increase in the margin, citing unidentified people. The company received subscriptions to the credit, being arranged by Barclays Capital Asia and Chase Manhattan Corp., totalling $1.2 billion so far, the paper said.

CyberWorks and Telstra earlier cut the loan to $1.5 billion from $2 billion after banks baulked at the credit which matures over three, five and seven years.

(Ming Pao Daily, Business p.1, 9/1.)

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Telstra/PCCW JV to pay more for borrowings
January 10, 2001

Telstra Corp (TLS) and Internet protocol JV partner Pacific Century Cyberworks (PCCW), the Hong Kong telecommunications company are to pay between 25 and 55 basis points more than planned for their US$1.5 billion loan.

The move to increase the rate comes amid increasing concern among banks on their telecoms exposure, which has led the banks to seek more attractive terms.

PCCW confirmed last Friday that it would pay between 35 and 65 basis points more on different tranches of a $4.7 billion loan to finance last year`s acquisition of Cable & Wireless HKT. The repricing of the PCCW-Telstra loan was driven in part by the desire to equalise the terms with PCCW`s loan.

PCCW will pay 75 basis points above LIBOR on the three-year tranche of the IP backbone loan, instead of the original 50 basis points. On the five-year tranche, it will pay 105 basis points over LIBOR instead of 65 basis points, and 135 above on the seven-year tranche of the loan instead of 80 over.

At the close of trade yesterday, Telstra shares were 4c lower at $6.73.

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Wednesday, January 10, 2001

FUND-RAISING
CyberWorks boosts Telstra deal with rate commitment


JOSEPH LO

Pacific Century CyberWorks has agreed to pay higher interest rates on a proposed US$1.5 billion loan for its Internet Protocol backbone joint-venture with Australia`s Telstra Corp to help ensure lender commitment.
The latest interest rate increase comes less than a week after CyberWorks increased rates on a US$4.7 billion syndicated loan to refinance its takeover of Cable & Wireless HKT.

CyberWorks said yesterday it would offer banks an additional 25 basis points to 55 basis points on the proposed US$1.5 billion term loan facility for its Internet Protocol Backbone Co (IPBC).

The interest rate shift marks the second change in the process to secure a financing deal for the joint venture, which will group the international infrastructure assets of the former HKT and Telstra.

The loan was originally intended to be a US$2 billion financing deal, but was scaled back last month in order to ensure an investment-grade credit rating.

Yesterday`s changes mean that a three-year commitment to the syndicate would garner an interest rate of 75 basis points over the London interbank offer rate (Libor), raised from 55 basis points.

A five-year commitment would yield 105 basis points over Libor, up from 65 basis points, while a seven-year commitment would yield an interest rate of 135 basis points over Libor, an increase from 80 basis points.

The loan, fully underwritten by Barclays Bank and Chase Manhattan Bank, has received commitments from Citibank, HSBC, Rabobank, Credit Suisse First Boston, Sanwa Bank and UBS Warburg.

The financing is expected to close in the next week.

Dave Matthews, director of global loans for Barclays Capital, said the interest rate adjustment on the loan reflected the global trend of increased cost of funding in the telecommunications sector.

"It`s not a CyberWorks issue, nor is it a Telstra or IPBC issue. It`s a global problem which is affecting all telecoms companies," Mr Matthews said.

He said CyberWorks and Telstra recognised the "reality of global market pressures and have adjusted the pricing accordingly" on the loan.

The increase in the deal`s interest rate is not expected to put additional financial pressures on the joint venture.

Mr Matthews said the 50 basis point cut in interest rates in London last week following similar cuts in the US meant that there would be a neutral impact on the cost of the deal, at least in the near term.

The interest rate increase was also probably influenced by the earlier increase in the rate for CyberWorks` loan, said one investment analyst.

A number of banks taking part in the earlier loan were also involved in the IPBC loan and they would have been faced with a wide variance in margins on the two deals, he said.

[Kersken]

UBS Warburg: Weniger Verlust von PCCW dank NOW

Die Investmentbank UBS Warburg schätzt, dass die Reduzierungen der Investitionen in das Breitbandnetzwerk NOW PCCW helfen werden, den Verlust zu verringern. Nach Schätzungen von UBS Warburg wird sich der Verlust von NOW von etwa 1 Mrd US-$ auf 350 Mill US-$ innerhalb von drei Jahren reduzieren. Dies sollte sich auch positiv auf das Gesamtergebnis von PCCW auswirken.

Die Experten schätzen, dass sich PCCW in Zukunft vom B2C abwenden und sich stärker auf den B2B-Bereich konzentrieren wird, der mehrere Millionen Gewinn erwirtschaftet.

-js- 10.01.01 10:30:00

[Kersken]

PCCW hat Bank als Garant für das Cyberport-Projekt

PCCW hat nach Angaben aus dem Hongkonger Büro für IT und Rundfunk eine Bank als Garant für das Cyberport-Projekt benannt. Der Name des Instituts wurde allerdings nicht genannt. Die Garantieperiode wird sechs Monate betragen.

PCCW hat sich verpflichtet das Cyberport-Projekt selbst zu finanzieren. Die Bank soll die notwendige Zahlungssicherheit garantieren.

Cyberport liegt im Westen Hongkongs und soll ein Technologie- und Servicezentrum für junge IT-Unternehmen werden. Man will eine Art Silicon Valleys in der Nähe von Hongkong errichten. Das Projekt wird von PCCW und der Hongkonger Regierung gemeinsam durchgeführt. Die erste Bau-Phase soll bis Dezember fertig werden. Die zweite und dritte Phase sollen bis 2002 bzw. 2003 abgeschlossen sein.

-js- 10.01.01 11:23:00

[Kersken]

PCCW-Tochter in ASP-JV mit Shell Electric

Powerbase, die Daten-Center-Einheit von PCCW, gab heute ein Joint Venture mit der Shell Electric Manufacturing-Tochter Sybond und ASPEngines bekannt. Alle drei Firmen wollen zusammen ASP-Technologie-Services anbieten. Das Kapital des Joint Ventures soll 5 Mill US-$ betragen. PCCW wird 60 % an dem Unternehmen halten. Die beiden anderen die restlichen 40 %.

Joseph Ma, der Präsident von Powerbase, rechnet damit, dass das Joint Venture in drei Jahren die Gewinnzone erreicht. In einem Jahr will man den Service außerdem auf China ausweiten.

-js- 09.01.01 10:42:00

[Kersken]

PCCWs iLink bekommt 3 Mio. HK$ Auftrag

Das zu 40% zum PCCW Konzern gehörende iLink.net - ein Datencenterbetreiber - gab heute bekannt, dass man einen Vertrag mit der Website www.stareastnet.com abgeschlossen habe. Danach wird man dem Unternehmen für ein Jahr Bandbreite, Speicherplatz und Internet Network Services bereitstellen. Optional Services werden auch an das Pekinger Büro von stareastnet.com geliefert. Das Volumen beträgt 3,09 Mio. HK$. (sb)

© Emerging Markets Research, 10.01.01
http://www.em-research.de

[Kersken]

Arena kauft PCCW Aktien

Das Mitglied des Vorstands von PCCW bzw. der Vice-Chairman Alex Arena hat nach Angaben der Hongkong Stock Exchange rund 50.000 PCCW-Aktien zu 4,785 HK$ gekauft. Das ist ein Betrag von 243.750 HK$. Damit hält Arena 51.000 PCCW Aktien. Diese Informationen wurden aufgrund einer Listingregel, welche vorsieht, dass jede Transaktion eines Vorstandes der Hongkong Stock Exchange gemeldet werden muss, veröffentlicht. (sb)

© Emerging Markets Research, 10.01.01
http://www.em-research.de

[Kersken]

PCCW benennt "Garantiebank" für Cyberport

Der Internetinvestor Pacific Century Cyberworks hat für seinen Cyberport eine Garantiebank benannt. Es wurde zwar nicht der Name des Instituts genannt, aber die Bank soll dem Projekt die nötige Zahlungssicherheit geben - auch wenn PCCW Finanzierungsprobleme beim Cyberport verneint. Die erste Bauphase des Cyberports soll Ende dieses Jahres abgeschlossen werden. Bauabschnitt 2 und 3 sollen Dezember 2002 und Dezember 2003 fertig sein. (sb)

© Emerging Markets Research, 10.01.01
http://www.em-research.de

[Kersken]

16:14 11-JAN-2001
Francis Yuen: PCCW has US$1.4b cash on hand

In reaction to the tightening loan granted to telecom firms by global financial institutions, deputy chairman of Pacific Century CyberWorks (PCCW) (0008-HK) Francis Yuen, said that the company has about US$1.4 billion cash on hand, which is abundant for development in the coming three to five years.

PCCW would proceed with future financing exercises if needed, he said.

(End)

[Kersken]

16:29 11-JAN-2001
PCCW (0008-HK) seeking buyers for stakes held by C&W

Deputy chairman of Pacific Century CyberWorks (PCCW) (0008-HK) Francis Yuen, said that PCCW is seeking buyers for the 15 pct stake held by Cable & Wireless Plc (C&W), but the decision to sell or not lies ultimately with C&W.

He did not rule out the possibility that Pacific Century Regional Development Ltd (PCRD), PCCW`s parent, would dispose its controlling stake in Pacific Century Insurance (0065-HK) or it could invite strategic shareholders.



(End)

[Kersken]

Thursday, January 11 11:18 AM SGT

PCCW in Data Services JV With Sybond And Aspengines
HONG KONG, Jan 11 Asia Pulse - Pacific Century Cyberworks [PCCW] (SEHK: 0008) has announced a data center services joint venture between Powerb@se of PCCW, Sybond, the investment arm of Shell Electric Manufacturing (Holdings) Company Limited, and ASPEngines, Inc.
In a statement, PCCW said PowerbaseEngines (PbE) Limited is the first company in the world to apply ASPEngines` technology in providing compute resources as a service. PbE`s clients will be able to access powerful advanced compute resources on demand, yet have the flexibility to pay for only what is used due to a service dubbed `Neutility.`

"Powerb@seEngines enables businesses to concentrate on their core competencies and remain specialists in their fields, with the support from PbE`s vast specialist IT knowledge," said William Cheung, Group Chief Operation Officer of PCCW.

The powerful Internet "engine" that is hosted in the Powerb@se Data Center in Hong Kong is equipped with more than 300 processors capable of handling more than six gigabits of user requests. It will soon offer "extendibility" of up to 2000-plus processors.

Companies would find using the PbE service cost efficient, as they can now convert capital expenditures into variable cost, while still having access to industry-standard hardware and software such as Sun`s Solaris, Microsoft`s NT/W2K, LINUX, Intel and Sparc, PCCW said. This means client companies avoid confronting these huge operating costs on their own.

PCCW said PbE`s computing resources are offered as a service, similar to an electric utility company. A client contracts for a certain computing capacity to handle the average number of simultaneous requests from its site. Because of PbE`s flexible `scalability,` computing power is made available `on demand`, meaning e-businesses can select just enough for their business needs in terms of platform, software, usage level and degree of support. Additional capacity can be acquired or reduced, subject to seasonal or peak traffic requirements.

ASIA PULSE

[Kersken]

Friday, January 12, 2001

Looming C&W share sell-off pummels CyberWorks
HUI YUK-MIN

Pacific Century CyberWorks yesterday slumped to a 16-month low on worries of a pending sale of a block of shares by Britain`s Cable & Wireless (C&W).
The stock fell as much as 4.66 per cent to an intraday low of HK$4.60 - its lowest since the company completed a backdoor listing in August 1999 by taking over telecommunications service provider Tricom Holdings.

The counter finished the day down 3.11 per cent, at HK$4.675. Yesterday saw the Hang Seng Index off 2.23 per cent, at 15,090.77 points.

Falls came across the board, with technology counters hit on concerns the Nasdaq would open weaker after unsatisfactory results from Yahoo! and Motorola in the United States.

CyberWorks has yet to arrange buyers for the looming disposal of up to 7.63 per cent of its shares held by Cable & Wireless, leaving the big overhang problem unresolved.

Yesterday, CyberWorks deputy chairman Francis Yuen Tin-fan, speaking after a signing ceremony between Bank of East Asia and Pacific Insurance marking the joint issue of Pacific Century Insurance credit cards, said CyberWorks was still looking for potential buyers for the block coming on the market when the lock-up agreement with the British telecoms giant expires next month.

Mr Yuen is chairman of Pacific Century Insurance.

Cable & Wireless still owns 15.3 per cent of CyberWorks after selling a 4.9 per cent stake on September 20.

Under the lock-up agreement, the British telecoms company is allowed to sell up to half of its remaining CyberWorks holding after February 21.

Based on CyberWorks` closing price yesterday, it would be worth HK$62.46 billion.

CyberWorks has committed to assist in finding suitable buyers and so reduce the selling pressure on the stock.

Analysts and brokers are worried CyberWorks shares may fall further if CyberWorks fails to find buyers for the Cable & Wireless block.

A recent adjustment in interest margins for CyberWorks` US$1.5 billion loan for an Internet protocol backbone joint venture with Australia partner Telstra, and for its US$4.7 billion refinancing loan, would have limited impact.

It should be largely offset by last week`s 0.5 of a per cent cut in United States interest rates.

CyberWorks has US$1.4 billion cash on hand, but some of this will be used to repay loans during the next three to five years, according to Mr Yuen.

[Kersken]

PCCW postpones Net, cable projects
Hong Kong iMail Staff reporter and Bloomberg


CyberWorks deputy chairman Francis Yuen says he will pursue projects `aggressively` when cash is available
Picture: Hong Kong iMail

PACIFIC Century CyberWorks (PCCW) has put its underwater global fibre project 1 CyberNetwork (1CN) on hold and postponed the start of any new internet protocol (IP) backbone projects until it is able to seek funds, deputy chairman Francis Yuen Tin-fan said yesterday.
``If we are able to raise funds, we will aggressively do new projects; otherwise we will be less aggressive,`` said Mr Yuen.
PCCW (0008) and Australia`s telecom giant Telstra formed a 50-50 IP backbone joint venture in October, aiming to tap into the market demand for underwater cable services.
It planned to raise US$2 billion (HK$15.6 billion) initially, but cut that figure to US$1.5 billion a few weeks ago because of a lukewarm response from banks.
The US$500 million cut from the fund-raising exercise had originally been reserved for new projects and the reduction might limit investment in new projects, Mr Yuen said.
Any investment delay may put pressure on the joint venture`s earnings. CyberWorks forecast sales from its underwater cable to rise 6 per cent this year to US$1.9 billion and more than double to US$4.5 billion by 2007, according to Bloomberg News, which cited a PCCW internal document.
Some analysts, and reportedly PCCW, put the highest market valuations, of between US$10 to $20 billion, on the IP backbone joint venture, more than twice the valuation of its wireless and data centre ventures,
However, Mr Yuen said yesterday that no timetable had been set to list the IP backbone company.
``We will have to wait after setting up the ventures and have the chief executives discuss the business direction and then the listing plan afterwards,`` said Mr Yuen.
Meanwhile, both PCCW`s US$4.7 billion refinancing and its deal with Telstra would be completed by February 15, Mr Yuen said.
The recent interest rate cut had helped debt-ridden PCCW largely offset the increase in the interest rate margins of both its US$4.7 billion refinancing and the US$1.5 billion loan for its backbone venture, Mr Yuen said.
He added that the company would be pleased if there was another rate cut at the end of January, which would lower future loan costs.
Even if there was a further rate cut by the end of January, Mr Yuen was confident that banks were unlikely to adjust interest rate margins again.
``We absolutely don`t believe banks will adjust the interest rate margin, as the rate cut has no direct relationship with the interest rate margins,`` said Mr Yuen.

He declined to comment how much it will pay in interest expenses this year but said there would not be any major difference after the recent rate cut.
PCCW has about US$1.4 billion cash on hand and together with the loans, Mr Yuen said it had sufficient funds to develop over the next three to five years.
Mr Yuen declined to comment on how much cash the company would have after the US$4.7 billion refinancing.
PCCW`s shares hit a new 52-week low yesterday of HK$4.60 before recovering in late trade. The stock finally closed down 3.11 per cent at $4.68.
13 January 2001 / 02:37 AM

[Kersken]

Friday, January 12 5:18 AM SGT

Telstra Corp Nearing Purchase Of MobileOne Stake - Paper
SYDNEY (Dow Jones)--Australia`s Telstra Corp. (TLS) is conducting due diligence to buy a A$500 million stake in MobileOne Asia, or M1, Singapore`s second-largest mobile phone operator, the Australian Financial Review reported Friday.
Sources told the paper that Telstra is in the final stages of negotiation with Cable & Wireless PLC (CWP), which has put the stake on the market.

"There is no question that they are in due diligence on MobileOne with people on the ground in Singapore, said one investment banker, adding that securing the stake is fundamental to Telstra`s Asian strategy.

Telstra declined to comment Friday on the report.

M1`s shareholders include: Keppel Telecommunications and Transport Ltd. (P.KTT), or Keppel T&T, with a 35% stake; Singapore Press Holdings Ltd. (P.SPH) with a 35% stake; Cable & Wireless PLC with 15% and Cable & Wireless HKT Ltd., a unit of Pacific Century CyberWorks Ltd. (PCW), also with 15%.

Earlier this week, a Singapore newspaper reported that France Telecom`s (FTE) mobile telephone unit, Orange, was in "active discussions" to buy up to 30% of the soon-to-be listed cellular operator. That report in the Straits Times said Orange was looking to buy half of the targeted 30% stake from Cable & Wireless and half from C&W HKT.

But the Australian business paper said PCCW is understood to be keen to retain its M1 stake. Instead, it said Telstra is understood to be talking to the other shareholders in M1.

Telstra Chief Executive Ziggy Switkowski earlier this week told a U.S. conference of the company`s desire to expand in the Asia-Pacific region "in the growth areas of mobiles and data.

"We do not aspire to becoming a global telco, but we are determined to be a focused, strong Asian-based regional one," he said.

-By Helen Ubels, Dow Jones Newswires;

61-2-8235-2950; [e-mail]

[Kersken]

Telstra could close M1 purchase soon
By Staff, Singapore.CNET.com
Friday, January 12 2001

SINGAPORE—Australia’s Telstra Corp is conducting due diligence to buy a A$500 million stake in Singapore’s MobileOne (Asia) Pte Ltd or M1, according to a Dow Jones report citing the Australia Financial Review.
"There is no question that they are in due diligence on MobileOne with people on the ground in Singapore,” an investment banker told the paper.

Telstra is said to have declined to comment on the report.

Earlier this week, M1 shareholder Keppel Telecommunications & Transportation Ltd declined to confirm a Straits Times report that Europe`s second largest mobile telephone company Orange Plc wants to buy a 30 percent stake in the mobile phone operator.

A spokesperson from Keppel T&T said then: "We have been talking to various telco players on exploring strategic partnerships on various ventures." Keppel T&T owns 35 percent of M1.

M1`s other shareholders Hong Kong-based Great Eastern Telecommunications Ltd with a 30 percent stake (Great Eastern is jointly held by Cable & Wireless Plc and Pacific Century CyberWorks Ltd) and Singapore Press Holdings with the remaining 35 percent.

In November, M1 chief executive officer Neil Montefiore said the cellular operator would not go ahead with its listing plans last year until it resolves UK Cable & Wireless` (C&W) shareholding in the company.

He was referring to C&W`s plan, announced August, to divest its 15 percent stake in M1. Since then, several parties have been reported to have expressed interest in M1, among them Hong Kong’s Pacific Century CyberWorks Ltd, Britain`s Vodafone AirTouch Plc, Japan KDD Corp and Telstra.

[Kersken]

i-Cable: Werbeeinahmen stiegen 2000 um 60 %

Der Hongkonger Pay-TV-Operator i-Cable konnte sein Werbeeinkommen im Jahr 2000 um 60 % steigern. Auch im nächsten Jahr rechnet man hier mit einem guten Verlauf und einer Steigerung um 100%.

Auf das Gesamtergebnis hat dies jedoch kaum Einfluß, da man nur 10 % des Umsatzes mit Werbung erzielt. Der große Rest sind die monatlichen Gebühren für den Pay-TV-Service, die erst zu Jahresanfang um 6 % auf 280 HK-$ erhöht wurden.

520.000 Haushalte haben bisher den Service von i-Cable abonniert. Das sind 15,6 % mehr als Ende 1999. In diesem Jahr erwartet man ein Wachstum von 10 bis 15 %.



-js- 11.01.01 10:43:00

[Kersken]

Verkauft PCCW CMGI- und MobileOne-Anteile ?

PCCW verhandelt nach eigenen Angaben momentan mit mehreren Unternehmen über eine Verkauf des Anteils an dem Singaporer Mobilfunkunternehmen MobileOne. PCCW hält 15 % an dem Unternehmen.

Unabhängig davon sagte PCCW, dass man momentan 1,4 Mrd Cash on hand habe. Diese Geld reiche aus, um die Arbeiten in den nächsten 3 bis 5 Monaten zu garantieren. Deswegen habe man auch keine Druck zusätzliche Mittel zu bekommen.

Weiter denke man über einen Verkauf des CMGI-Anteils nach. Eine endgültige Entscheidung ist hier aber noch nicht gefallen.



-js- 11.01.01 10:55:00

[Kersken]

PCCW sucht nach Investoren

Francis Yuen, Deputy Chairman von PCCW, sagte, dass PCCW nach einem Käufer für den 15 % Anteil, der von Cable & Wireless (C&W) gehalten wird, suche. Er betonte aber auch, dass die Entscheidung über einen Verkauf allein bei C&W liege. Marktbeobachter gehen jedoch davon aus, dass das britische Unternehmen den Anteil schnellstmöglich abstoßen will. Die Look-Up-Periode endete am 15. Februar.

C&W hat durch die Übernahme von C&W HK durch PCCW Anteile an PCCW erhalten. Erste Anteile veräußerte man schon im Herbst.

Die PCCW-Aktie fiel heute in Hongkong mit 4,65 HK-$ auf einen neuen Tiefststand.

-js- 11.01.01 11:06:00

[Kersken]

Telstra plant MobileOne-Kauf

Das australische Telekomunternehmen Telstra ist kurz vor dem Kauf eines 15 % Anteils von MobileOne. Dies schreibt heute eine australische Zeitung unter Berufung auf Bankenkreise. Telstra will den Anteil von C&W für 500 A-$ (281 Mill US-$) übernehmen. Die Verhandlungen mit dem britischen Unternehmen sollen kurz vor dem Abschluß stehen.

PCCW und C&W halten jeweils 15 % an dem Singaporer Telekomunternehmen MobileOne. Zuvor war aber auch über einen Verkauf von PCCW spekuliert worden. Nun erwarten Experten, dass PCCW seinen Anteil behalten wird. Danach würden die Joint Venture-Partnern PCCW und Telstra zusammen 30 % an dem Unternehmen halten.


-js- 12.01.01 08:24:00

[Kersken]

PCCW erreicht neue Tiefststände

Während die Börse in Hongkong sich heute freundlich zeigte und anstieg, geht es bei PCCW weiter bergab. Das Internetunternehmen von Richard Li gibt weiter nach und erreichte heute im Handelsverlauf mit 4,525 HK-$ ein neues Tief. Der Schlußkurs lag bei 4,55 HK-$ - dies entspricht einem Minus von 2,67 %.

Der Druck auf die Aktie kam auf, nachdem PCCW bekannt gab immer noch keinen Käufer für den von C&W gehaltenen Anteil gefunden zu haben. C&W hält noch 15 % an PCCW. Am 15. Februar endete die Look-Up-Periode für diese Papiere. Dann rechnen Experten damit, dass C&W die Papiere auf den Markt wirft, was zu einem Überangebot von PCCW-Aktien führen wird.

-js- 12.01.01 09:45:00

[Kersken]

PCCW zieht Investment für Unterseekabel zurück

PCCW verzichtet vorerst auf die Finanzierung des Unterwasserkabelprojekts 1 CyberNetwork. Grund ist einerseits die niedrigere Summe von 1,5 Mrd. US-$ statt 2 Mrd. US-$ Kredit für die IP- Backbone Gesellschaft und die Notwendigkeit, höhere Zinsen auf die Kredite zu zahlen, wie jüngst mit den Banken vereinbart wurde.

Angesichts der momentan schwierigen Phase von Kommunikationsunternehmen auf dem Markt, war der Schritt nicht überraschend. Jedenfalls steht PCCW durch die Ankündigungen unter Druck.

Die geplante massive Expansion der Aktivitäten in 2001 ist damit einen Schritt zurückgefallen.



-fjs- 12.01.01 10:35:00

[Kersken]

PCRD kann zulegen trotz PCCW Schäche

Die heutige PCCW Schwäche ist besonders durch 2 Faktoren begründet. Zum einen findet PCCW derzeit keinen Käufer für die 15 % Aktienanteil, die von C&W HKT noch gehalten werden. Die Lock Up Periode für die Hälfte der PCCW Papiere endet am 21. Februar. Dann soll PCCW seine Papiere auf den Markt werfen, was den Kurs wieder unter Druck bringen könnte.

Auf der anderen Seite zieht PCCW massiv Investitionen zurück. So heute das Investment in ein Unterwasserkabelprojekt. Die schlechten Chancen für Kommunikationsunternehmen, neue Kredite aufzunehmen und die reduzierten Gelder, die aus dem JV mit Telstra gewonnen wurden, wurden als Grund angeführt.

Insgesamt verliert PCCW heute 2,67 % auf 4,55 HK-$.

Zulegen kann aber die Aktie von Pacific Century Regional Development ( PCRD). Der Titel gewinnt 3,5 % auf 88,5 Singapur cents. Die Analysten erwarten, dass die negativen News von PCCW im Aktienkurs der PCRD besser verarbeitet sind als bei PCCW selbst. Ein Investment in die in Singapur gelistete Muttergesellschaft PCRD könnte sich demnach eher auszahlen. Überraschend ist die Stabilität von PCRD auch angesichts der Tatsache, dass erst am 28. Dezember der Anteil an PCCW um 230.000 Papiere in Form von ADRs aufgestockt wurde.



-fjs- 12.01.01 10:49:00

[Der Martin]

C&W will PCCW-Aktien für 3 HK-$ verkaufen: -8 %



Die Talfahrt der PCCW-Aktie geht weiter. Das Unternehmen verlor heute teilweise schon über 8 % auf 4,15 HK-$, einem neuen Tiefststand. Vor allem viele Stop-Loss-Verkäufe sorgten heute für Druck auf die Aktie. Auch die Spekulationen, was C&W nach dem Ende der Lock-Up-Periode am 15. Februar mit dem 15 % Anteil an PCCW macht, sorgen für weitere Verunsicherung. Heute waren Gerüchte laut geworden, dass C&W die Hälfte seines Anteils zu einem Preis von 3 HK-$ je Aktie nach dem 15. Februar auf den Markt werfen wolle. Dies führt natürlich zu weiterem Verkaufsdruck bei dem Papier.

Zu Börsenschluß hin konnte man wieder leicht ansteigen und schloß bei 4,20 HK-$, was immer noch einem deftigen Minus von 7,7 % entspricht

Grüße Der Martin
http://members.tripod.de/nordasia