PCCW- Auf dem Weg zum Global Player - 500 Beiträge pro Seite

[Honkydonky]

Entschuldigt bitte den schlechten Zeilenumbruch.
Wichtig ist letztlich der Inhalt - und den finde ich nicht schlecht.
Angesichts der scharfen Kritik und der Panikmache finde ich es wichtig die nach wie vor hervorragende Position von PCCW im asiatischen Raum herauszustellen.
Über gute Beiträge würde ich mich freuen !



Pacific Century Cyberworks und Telstra unterzeichnen umfassende Vereinbarung
Alle Komponenten der früheren Vereinbarung bleiben erhalten

[14.10.2000 - 14:45 Uhr]


Hong Kong (ots-PRNewswire) - Signifikante Reduzierung von PCCW`s
Verbindlichkeiten / PCCW erhält US$ 3,555 Mrd. Barmittel /
Vereinbarung ist Win-Win-Situation für die Aktionäre beider
Unternehmen und positioniert PCCW als führende Kraft in drei rasant
wachsenden Branchen / Alle Komponenten der früheren Vereinbarung
bleiben aufrecht / Das Mobility Joint-Venture übernimmt die
Implementierungskosten des 3G-Ausbaus / Vereinbarung stellt
Vermutungen um PCCW-Telstra-Allianz klar

Pacific Century CyberWorks ("PCCW" SEHK: 0008.HK) und die Telstra
Corporation, das größte Telekommunikationsunternehmen Australiens,
unterzeichneten einen endgültigen, juristisch verbindlichen Vertrag
über die revidierten Bestimmungen ihrer strategischen Allianz. Durch
diese Vereinbarung erhält PCCW US$ 3,555 Mrd. Barmittel. Alle
Hauptkomponenten der früheren Vereinbarung bleiben erhalten.

"Wir haben einige Zeit daran gearbeitet, diese Allianz zu
realisieren," sagte Richard Li, Chairman und Chief Executive von
PCCW. "Es ist ein großer Schritt vorwärts für beide Unternehmen. Zwei
große, dynamische Kommunikations- und Konvergenz-Unternehmen werden
zusammengebracht, um sie für ein verblüffendes Wachstum in sich
explosionsartig erweiternden Geschäftsfeldern zu positionieren." Er
fügte hinzu: "Für PCCW erhalten wir US$ 3,555 Mrd. an Barmitteln.
Dies erlaubt uns, unsere Verbindlichkeiten auf unter US$ 5,5 Mrd. zu
reduzieren - auf einen Stand, den nur wenige für möglich gehalten
hätten, als wir vor nicht mehr als 7 Wochen Hong Kong Telecom
akquirierten."

Zu den Hauptpunkten der Übereinkunft zählen unter anderem:

Connectivity Joint-Venture: PCCW und Telstra gründen ein globales
Kommunikationsunternehmen (IP-Backbone), an dem PCCW und Telstra
einen Aktienanteil von jeweils 50% halten. Im Zuge der
Schuldenfinanzierung von US$ 2 Mrd. wird dieses Unternehmen nach dem
Beitrag ihrer jeweiligen Anlagen und Geschäftsanteile US$ 1,125 Mrd.
an PCCW und $375 Mio. an Telstra ausschütten. Das in Hong Kong
ansässige Joint-Venture - in Zukunft der drittgrößte Carrier für
Sprachdatenverkehr weltweit - wird die Stärke von PCCWs und Telstras
beträchtlicher internationaler Infrastruktur zu einem Zeitpunkt
kombinieren, zu dem zahlreiche Analysten ein explosives Wachstum im
IP-Backbone-Sektor prognostiziert haben.

Internet Data-Center Joint-Venture: PCCW und Telstra werden ein
regionales und potentiell globales Netzwerk von Internet-Data-Centers
aufbauen. Das Unternehmen, an dem PCCW und Telstra mit jeweils
50%igen Aktienanteilen beteiligt sein werden, wird sich anfänglich
auf die asiatische Pazifikregion konzentirieren, zu der
Schlüsselmärkte wie China, Japan, Singapur, Südkorea, Taiwan und
Neuseeland gehören. Das Joint-Venture wird in der Folge Möglichkeiten
der Expansion auf andere Standorte verfolgen, an denen PCCW oder
Telstra bereits mit einem IP-Backbone präsent sind.

Mobility Joint-Venture: PCCW und Telstra werden das erste
regionale Mobiltelefonunternehmen im asiatischen Pazifikraum gründen.
Das Joint-Venture übernimmt die mit der 3G-Telefonie verbundenen
Kosten der Implementierungsstrategie und Technologie. Telstra
entrichtet US$ 1,68 Mrd. für 60 Prozent des Unternehmens an PCCW, und
PCCW behält einen 40%igen Aktienanteil. Die Zahlung von Telstra
entspricht einem Betrag von US$ 2.926 pro PCCW
Mobiltelefon-Teilnehmer (basierend auf dem Kundenstamm Ende März
2000) und überschreitet damit den regionalen Durchschnitt um 50
Prozent.

Bezüglich der Korrektur der früheren PCCW-Telstra Vereinbarung von
August, die US$ 3.950 pro Teilnehmer vorsah, bemerkte Alex Arena,
Deputy Chairman von PCCW`s Executive Committee, dass diese Anpassung
dem durchschnittlichen Rückgang entsprach, den andere
Mobiltelefonunternehmen weltweit erleben.

Er fügte hinzu: "Diese Allianz platziert PCCW und Telstra auf
einer sehr starken Position für den Einstieg in den großen
Wachstumsmarkt der Mobilkommunikation, einschliesslich des mobilen
Internetmarktes, in der weltweit am schnellsten wachsenden Region für
Mobiltelefonie."

Breitband-Distribution und Production-Arrangement für NOW: Im
Rahmen der von PCCW und Telstra unterzeichneten Vereinbarung wird
Telstra PCCW Distributionsdienste für seinen Internet-Service
"Network of the World" (NOW) bereitstellen. Der Zugriff auf NOW wird
anfänglich über eine Schaltfläche erfolgen, die auf der "telstra.com"
Homepage an auffälliger Stelle positioniert sein wird. Telstra wird
NOW über Telstras High-Speed HF-, xDSL- und
Satelliten-Internet-Dienste bereitstellen. Telstra hat vor kurzem die
Marke von 2,5 Millionen HFC-Haushalten überschritten und besitzt über
200 Vermittlungszentralen, die mit xDSL-Kapazitäten ausgestattet
sind. Das Unternehmen beabsichtigt, innerhalb von 24 Monaten 90
Prozent der australischen Bevölkerung den Zugang zu Breitbanddiensten
zu ermöglichen.

Konvertierbare Schuldverschreibung: PCCW wird Telstra eine
konvertierbare Schuldverschreibung über US$ 750 Mio. ausstellen. Im
Rahmen des Vertrags hat PCCW die Möglichkeit, die Schuldverschreibung
jederzeit zum vollen Betrag einzulösen, im Gegensatz zum
vorhergegangenen Vertrag, in dem die vorzeitige Einlösung seitens
PCCW nicht vorgesehen war. Falls PCCW die Schuldverschreibung nicht
vorzeitig einlöst, wird erwartet, daß Telstra bei der vollständigen
Konvertierung einen 2,8%igen Aktienanteil an PCCW hält.

Bei dem Konvertierungspreis wird es sich um eine 15%ige Prämie des
gewichteten Durchschnitts-Schlusswertes der PCCW Aktie handeln, der
im Zeitraum von 45 Handelstagen ab der Vertragsunterzeichnung
ermittelt wird.

Die Vereinbarung zusammenfassend, stellte Richard Li fest, dass
der fertiggestellte Vertrag es PCCW erlaubt, sich zu einem kritischen
Zeitpunkt vorwärts zu bewegen. "Wir überschreiten die Schwelle zu
einem entscheidenden Zeitabschnitt der Internet-, Konnektivitäts-,
Mobilkommunikations- und Datencenter-Branche," sagte er. "Unsere
Partnerschaft mit Telstra, einem erfahrenen regionalen Unternehmen,
etabliert PCCW und Hong Kong als dominante Kraft in allen diesen
Geschäftszweigen - damit sind wir der Entwicklung einen Schritt
voraus. Und genau da wollen wir sein."

Über Pacific Century CyberWorks (PCCW):

Pacific Century CyberWorks ist das in Hong Kong gelistete
Technologie-Flaggschiff der Pacific Century Group. PCCW ist seiner
Marktkapitalisierung nach eines der größten Internet-Unternehmen der
Welt.

Auf weltweites Wachstum ausgerichtet, entwickelt PCCW ein
komplettes Spektrum an Breitband-Internet-Lösungen, und strebt an,
zum führenden Anbieter für Telekommunikation, Digitaltechnologie und
New-Media-Dienste zu werden. Durch den im August 2000 erfolgten Cable
& Wireless HKT ZUsammenschluss hat das Unternehmen ein innovatives 8
X 3 Geschäftsmodell entwickelt, unter dem 8 Geschäftseinheiten
innerhalb von drei operativen Sektoren betrieben werden:

Telecommunications Services - umfaßt hauptsächlich
Telekommunikations- und andere Wachstumsdienste, die auf dem
Glasfasernetz des Unternehmens in Hong Kong basieren.

Global Communications Services - Mobilkommunikation und globale
Verbindungsdienste

Net Enterprises - NOW, Business to Business Dienstleistungen,
Data-Centre-Dienstleistungen und CyberWorks Ventures, die in
synergistische Kerngeschäfte investieren.

Infrastructure Services - direkte Unterstützung für alle drei
Sektoren. Mehr über Pacific Century CyberWorks erfahren Sie unter
www.pcg-group.com.

ots Originaltext: Pacific Century CyberWorks
Im Internet recherchierbar: http://recherche.newsaktuell.de

Rückfragen bitte an:

Für Medienanfragen wenden Sie sich bitte an: Joan Wagner Pacific
Century CyberWorks Tel: [phone] E-Mail:
[e-mail]

Für Investorenanfragen wenden Sie sich bitte an: Simon Smith Pacific
Century CyberWorks Tel: [phone] E-Mail:
[e-mail]

[govinda]

Danke für den ausführlichen Bericht. Klingt alles vielversprechend.
Nur muß endlich mal wieder ein bißchen Phantasie in den Wert kommen.

[Kastor]

Hab heut selber angemailt aber noch nichts erhalten!

Bravo Honkydonky weiter so.

Kastor

[TurboInvestor2]

Leverkusen, den 19.10.2000

Liebe Aktienfreunde,

in der heutigen Ausgabe des Börse Online (No.43/00) steht in einem Bericht auf Seite 68 das der Anteil der PCC am MSCI-Index "Asia Pacific ex Japan" durch Umstellung des Index auf Streubesitz von 2,3% auf 1,8% sinken wird. Da werden wohl noch einige Fondmanager verkaufen müssen, was den Kurs zumindest mittelfristig weiter belasten sollte. Ich würde mit einem Einstieg noch warten, bis der Abwärtstrend nachhaltig gebrochen ist.

Mit freundlichen Grüßen,
TurboInvestor2

[Immos]

Gerade sind wir erstmal 2,8 %im Plus (über dem Wasser)
MFG Immos

[PCCW-Hopeful]

Bin seit heute wieder zu 0,99 € drin. Jetzt habe ich keinen Bock mehr auf Fantasien. Ich mach es wie
ein Murmeltier. Winterschlaf und im Frühjahr wird abgerechnet!!!!!!!!!!!!!!!!
Lee is the Greatest!

[Honkydonky]

Li may seek finance from banks for CyberWorks buy-back


Friday, October 20, 2000
TELECOMS


BEN KWOK


--------------------------------------------------------------------------------
Pacific Century CyberWorks chairman Richard Li Tzar-kai may be seeking finance from banks to increase his personal stake in the company, according to informed sources.
Such a move is seen as aimed at stemming the recent sharp slide in the share price. Yesterday CyberWorks shares dropped 1.57 per cent to HK$6.25 after hitting a year low of HK$5.90.

They have now fallen for 10 consecutive days. Turnover was HK$1.26 billion.

CyberWorks shares have slumped almost 60 per cent from HK$15.35 since the company completed its acquisition of Cable & Wireless HKT on August 17, wiping almost HK$200 billion from its market capitalisation.

The shares have been caught up in the global correction in technology and telecoms stocks but have also suffered from worries about the company`s high debt level and the expectation that Cable & Wireless will dispose of its stake.

Complaints from shareholders, particularly former holders of HKT shares, on popular phone-in programmes are believed to be one of the factors behind Mr Li`s expected move to try to shore up the price, according to people close to Mr Li.

The market has been expecting a buy-back from Mr Li since late September, when he said he was contemplating such a move.

He raised nearly HK$3.8 billion in August by selling 1 per cent of CyberWorks.

The latest report comes at a time when Mr Li is expected to meet with banks to refinance the US$5.5 billion in debt the company will be left with after the revised deal with Australia`s Telstra Corp.

An informed source said Mr Li, who is expected to give the banks financial information updated to account for the US$2.43 billion in cash CyberWorks is due to receive from Telstra, might also seek personal financing to increase his stake in CyberWorks.

One banker who will attend a meeting with Mr Li next week said he was unaware of any plans Mr Li might have to arrange financing for a share buy-back. A spokesman at CyberWorks said she was not aware of any financing arrangement.

Mr Li holds 38.2 per cent of Cyberworks. An extra 5 per cent at the latest share price would cost him HK$6.6 billion.

Some analysts suggested Mr Li might want to raise cash to fund his entitlement to a possible rights issue by the company.

The CyberWorks spokesman said there were no plans for a rights issue.

Investors are wary about the company`s ability to refinance its debt into long-term borrowings, despite securing a US$3.55 billion cash injection under the alliance with Telstra.

Telstra is to pay CyberWorks US$2.43 billion in cash for control of their mobile-phone venture and for CyberWorks convertible notes.

CyberWorks will raise a further US$1.12 billion from the pair`s internet protocol (IP) backbone joint venture.

Speaking at a HSBC investor conference in Kuala Lumpur yesterday, Mr Li was quoted by Bloomberg as saying: "We believe refinancing of the US$5.5 billion before February will be on track even without an IPO of the subsidiaries of either mobile or IP backbone."

He said both ventures could be financed by their own capital and CyberWorks would be willing to dilute its holdings at the expense of expansion.

"On the mobile business, if it cannot go public and the company would like to grow aggressively on 3G [third generation mobile], it`s most likely we would simply dilute down on that business," Mr Li said.

[Honkydonky]

Nothing has been more important in Pacific Century CyberWorks` ...




10/20/2000
South China Morning Post
Page 11
(c) Copyright 2000 South China Morning Post Publishers. All Rights Reserved.


Nothing has been more important in Pacific Century CyberWorks` (PCCW) drive for leadership in integrated communications than the quality of our service.

The company has augmented its existing customer service commitment with G-Force, a service quality guarantee for both fixed-line and international services (001 and 0060), the first of its kind in Asia.

PCCW holds more than 30 ISO 9000 certificates, more than any other company in Hong Kong. In addition to being awarded an ISO certificate for its mobile network, a first for the mobile sector in Hong Kong, PCCW also qualified for ISO Firm Registration, the first in Hong Kong for telecommunication products and services.

PCCW-HKT service standards have been recognised locally and internationally. For 1999-2000, the company was honoured with various credits and awards, including Next Magazine`s Best Service Award 1999 for 1010 and Netvigator, the Environmental Protection Department`s 1999 Green Office Award, Asiamoney`s Best Managed Hong Kong Companies of the Decade, Asset survey`s Best Management Company, and the Financial Times Global Telecoms Awards 1999.

PACIFIC CENTURY CYBERWORKS

[starlancer]

Hallo!
Schreibe heute das erste Mal in das Board!
Bin ebenfalls Aktionär von PCCW,und möchte euch einen neuen Bericht über PCCW zeigen.
1.Wie South China Morning Post berichtet hat soll Richard Li, Pläne für einen Aktienrückkauf aus eigener Tasche zu finanzieren,soll vor allem zur Stabiliesierung der Aktie verhelfen.(20.10.00)
Ich weiß es war schon einmal ein Gerücht,aber jetzt soll es defenetiv sein.
2.PCCW unter 6 HKD ein Kauf.
Die Experten der chinesischen"Finance und Research",sehen die Aktie von PCCW unter 6 HKD als Kauf.
Es bestehe bei diesem Niveau eine gute charttechnische Situation für ein Aufwärtspotential,so die Analysten.
Ich hoffe ich habe euch wieder ein bischen mehr Hoffnung gemacht!

[Honkydonky]

Monday, October 23, 2000
TELECOMS


Telstra, CyberWorks IPO due next year
AGENCIES in Australia


--------------------------------------------------------------------------------
Australia`s Telstra Corp says the initial public offering arising from its joint venture with Pacific Century CyberWorks probably will go to market by the middle of next year.
"We`ve agreed right from the beginning that these joint enterprises will be taken to the market quickly, and the order was the Internet Protocol [IP] backbone company would be first, some time in the next nine months or thereabouts, subject to market conditions," Telstra`s chief executive, Ziggy Switkowski, told the Nine Network`s Business Sunday programme.

"The regional wireless company, the centre of which would be the Hongkong Telecom wireless assets, would shortly thereafter follow, some time during calendar 2001."

Telstra and CyberWorks recently released the revised terms of an alliance to set up a 50/50 IP network joint venture and a mobile group, 60 per cent owned by Telstra and 40 per cent by CyberWorks.

The revised deal gave Telstra more control over CyberWorks` mobile assets and cut its cash commitment by A$1 billion.

Mr Switkowski said he was confident of the value of the IP backbone company, adding that the venture would have annual revenues of about US$2 billion and earnings before interest, tax, depreciation and amortisation of about US$500 million. He said a valuation for IPO purposes of about US$6 billion was "within the range".

The float of the mobile joint venture would require more work than the IP backbone IPO, with the wireless IPO to contain more than just Hong Kong wireless assets.

"We have talked about a regional wireless company where the northern anchor is Hongkong Telecom wireless, in the south is Telstra`s MobileNet properties, and that we will kind of fill in the dots in the next year or so," Mr Switkowski said.

"Once that model is established and those assets are identified and in some cases actually put in place, then I think we have a structure, a very credible structure to take to the market."

He said he was puzzled by reports that Telstra and CyberWorks were close to announcing a new partnership with a United States company.

CyberWorks last week said it and Telstra were at an advanced stage of discussions with a third global partner about a US$10 billion infrastructure venture.

Speculation had centred on the addition of the US giant AT&T to the IP company.

[BOERSENMICHEL]

Hallo zusammen,

hier eine Meldung, gefunden bei w:o:

"HONKONG - Die Aktien von Pacific Century CyberWorks (PCCW) sind heute vom Handel ausgesetzt. Eine Unternehmenssprecherin erklärt, PCCW habe bei der Börsenleitung darum ersucht. Das Unternehmen wolle im Laufe des Tages eine Bekanntgabe machen, teilte sie mit."

Was ist davon zu halten - habt Ihre eine Idee?

Gruss BOERSENMICHEL

[Honkydonky]

PCCW (8) BUY
$6.50 Target: $9.00



Ben Tam

· PCCW [8] will reduce its bridge loan to US$3.6-3.8bn through the issuance of new shares and a convertible bond, and raise an additional US$1.2bn one year later if the attached warrants are exercised. This will make it easier for the company to rollover its loans.

· Chairman Richard Li will underwrite about $4bn of the new shares. In addition, he will buy US$500mn worth of the 5-year convertible bond.

· Shareholders can subscribe 30 new shares for every 1,000 existing shares at $6.50 each. The rights issue will not affect the terms of PCCW`s agreement with Telstra. At the time of writing, C&W has not decided whether it will subscribe the rights.

· We estimate the theoretical value of the warrants at $1.23. This will increase the cost of short selling PCCW shares and may trigger short covering. Although we expect to see the share price rebound, any potential upside will be capped by the volatility of global telecom stocks in the near-term.



We estimate PCCW`s bridge loan will fall to US$3.8-3.6bn, subject to the exercise of the CB greenshoe. By strengthening its balance sheet, PCCW is in a better position to roll over its remaining debts. We expect the convertible bond will most likely be treated as debt in PCCW`s accounts. We estimate PCCW`s interest expense would be reduced by $55mn to $65mn annually through the replacement of its bank loans with the CBs, assuming the cost of debt is 8.5%.



In addition, PCCW will offer 637mn new shares to shareholders at $6.50 each. Shareholders can subscribe 30 new shares for every 1,000 existing shares. Two warrants will be attached to each share with an exercise price of $7.50. The warrants will expire within a year.

The advantages of this method of fund raising include: 1) PCCW receives US$1.6-1.8bn cash to reduce debt immediately, and an additional US$1.2bn when the warrants are exercised; 2) PCCW avoids a glut of share supply, compared with a share placement; 3) it forces sellers to cover their short positions by increasing costs.

We estimate the rights issue, CBs and warrants will account for 12.6-13.3% of PCCW`s fully diluted shares upon expiry. However, the rights issue will represent only 3% of the existing shares. We do not believe there will be a glut of PCCW shares in the near-term.

Change In Number of Shares






--------------------------------------------------------------------------------

[Honkydonky]

PCCW sammelt noch einmal 500 Mio US$ über Bonds



Pacific Century Cyberworks wollte nach den bisherigen Meldungen Bonds für 1,1 Mrd US-$ ausgeben. Bei höherer Nachfrage hatte man sich einen Greenshoe von 200 Mio US-$ offen gehalten. Der Bondverkauf wird von BNP Peregrine und HSBC Securities durchgeführt. Nach Angaben aus dem Bereich der Konsortialbanken ist der Bondverkauf schon ganz gezeichnet. 500 Mill US-$ von Richard Li, die restlichen Bonds von institutionellen Anlegern.
Jetzt gab PCCW bekannt, dass man eine weitere 500 Mio US-$ schwere Wandelanleihe an einen größeren Aktionär verkaufen wolle. Damit hebt PCCW insgesamt 1,8 mrd. US-$ über Bonds aus. David Prince, Financial Officer von PCCW äußerte sich dabei positiv. Die Pläne zur Reduktion der eigenen Schuldenlast auf ein angemessenes Niveau seien damit voll im Gange. Man habe bereits die 3 Mrd. US-$ in Bar an Telstra bezahlt und weitere 3,56 Mrd. US$ im Zuge der Allianz ausheben können. Damit sei man an einer günstigen Position für die Zukunft. Die Finanzierungen seien gedeckt und wer glaubte, die Schulden könnten PCCW auffressen, der habe sich doch so schnell eines besseren belehren lassen müssen.
Derzeit verbleiben PCCW noch 4 Mrd. US-$ Schulden. gerade 70 Tage nach dem Merger mit C&W HKT.
Dazu äußerte sich PCCW, dass man die restlichen 4 Mrd. US-$ Schulden auf einer langfristigen Basis finanzieren wolle. BNP und HSBC hätten hierbei bereits ihre Unterstützung zugesichert. An der Börse äußerten sich manche Analysten kritisch über die Bonds. Diese seien nur eine Verschiebung der Schuldenlast und würden vornehmlich von Hedge Funds gezeichnet werden. Allerdings verbleibt ja, dass das zusätzliche Paket von 500 Mio US-$ an einen einzelnen Großaktionär gehe, der allerdings noch nicht näher genannt wurde.



-fjs- 24.10.00 18:42:0

[Marder2000]

Also die Asiaten haben Zeit und das wird noch dauern bis PCCW in die HUFE kommt . Geld kann jetzt besser woanders verdient werden und im nächten jahr ca. 2 Quartal ergibt sich eine Bewegung genn Süden. Ob diese Vermutung richtig ist wird sich zeigen bis dahin.................. GOOD BUY .

[Honkydonky]

Tuesday, October 24, 2000
BUSINESS


Li injects US$1b into CyberWorks
BEN KWOK and HUI YUK-MIN


--------------------------------------------------------------------------------
Pacific Century CyberWorks chairman Richard Li Tzar-kai will inject up to US$1.03 billion of his own funds into the company as part of the latest refinancing moves aimed at cutting debt.
In a complex arrangement announced on Monday that involves issuing new shares, Mr Li will take up US$500 million in convertible bonds next month, bolstering his position in the company.

At the same time, he will underwrite a US$530 million rights issue.

CyberWorks, which has been the focus of market concern recently because of its US$5.5 billion debt load, will get a maximum of US$1.83 billion in cash after the capital-raising exercise.

The company will then go back to the banks to renegotiate the refinancing later this week.

"By reducing net debt to below US$4 billion, that will put us in a better position to secure a triple-B rating with the banks," deputy chairman Francis Yuen Tin-fan said.

"We also want to clear up uncertainties about our finances."

Investors have become increasingly sceptical about CyberWorks` ability to service its debt after Telstra of Australia reduced its investment in an alliance to US$2.43 billion from a planned US$3 billion.

CyberWorks` share price has collapsed almost 60 per cent since it took over Cable & Wireless HKT on August 17. It also has had difficulty obtaining equity financing.

Under the terms of financing announced on Monday, CyberWorks will issue three shares for every 100 existing shares to shareholders at HK$6.50 each, equivalent to the counter`s last closing price on Friday.

Two warrants will be attached to each share with an exercise price of HK$7.50.

CyberWorks said it aimed to raise US$530 million through the rights issue.

Two board members from Cable & Wireless of Britain, which holds 14.2 per cent of CyberWorks, supported the financing proposal, Mr Yuen said.

Singapore-listed Pacific Century Regional Development - which holds a controlling 34 per cent of CyberWorks - will underwrite the unsubscribed rights issue.

To raise further capital, CyberWorks will issue five-year convertibles worth US$1.1 billion.

Of this, US$600 million will be placed to institutional investors. BNP Paribas Peregrine and HSBC Investment Bank Asia have an option to offer an additional US$200 million of these notes.

The notes will carry a coupon rate of between 3 per cent and 3.5 per cent and a conversion price set in a range of 21 per cent to 26 per cent to CyberWorks` closing price.

Mr Li will also take up US$500 million of convertible notes as an indirect way of increasing his stake in CyberWorks. His 38.2 per cent in CyberWorks will be increased to 40 per cent after exercising the convertibles.

His stake will further increase to 41.7 per cent assuming he takes up all the rights issues. In other words, Mr Li, who cashed in US$487 million by selling about 1 per cent of CyberWorks on August 9 at HK$15.81, will buy back more shares at less than half his selling price.

"The buying and selling of shares make people wonder whether the majority shareholders are shafting minority shareholders," one analyst said.

"That will keep fund managers away from these stocks."

Ambrose Chang Chung-kwong, chief investment officer for Daiwa Capital Investments, echoed the sentiment: "I would rather see more fundamental surprises coming from CyberWorks, not more financial tricks."

Brokers and fund managers said CyberWorks` move failed to ease market worries about the debt load and the overhang brought on by a pending share sale by Cable & Wireless.

"There is still a big hole [in the company`s US$9 billion loan] that has not been filled yet," said Henry Lee of Hendale Investment.

"The company is clearly under pressure from banks to raise more money to improve its ratios and [debt] payback ability."

Aus: South China Morningpost

[Honkydonky]

CyberWorks Executives Discuss the Firm`s Future Plans: Comment



By Cathy Chan Hong Kong, Oct. 25 (Bloomberg) -- Following are comments by senior Pacific Century CyberWorks Ltd. executives to analysts during a conference call last night about the company`s restructuring, capital requirements and future plans. David Prince, chief financial officer: ``Once the Telstra deal is closed, we`re restructuring the business around telecom in Hong Kong, which has a very strong EBITDA (earnings before interest, tax, depreciation and appropriation) and cash flow and is also the foundation of our strong business development. We will have a comfortable (interest) cover of two times. We now have scale to expand a very strong cash- flow in both the IP backbone and mobile business.`` Prince on capital spending: ``In terms of capex (capital expenditure) going forward, within the business this is a discretionary item. We`re looking at about $250 million a year in maintaining the telecommunication company and there are different ways to fund that capex. ``In terms of other capex, certainly in the areas of B2B (business-to-business) and data centers, capex is relatively modest to running a fixed-line business, because your investments is more in people. In data centers, we`ll share with Telstra and will set up an initial property site. In terms of B2B, the capex investments are more aligned with software investments and developments and we can hang on to our basic switching system.`` Prince on Network of the World spending reductions: ``As regards NOW, that`s what we call one of our discretionary expenditures, and part of the review of NOW is to really bring focus back within Asia because the Hong Kong telecommunications company and the investments we have in Hong Kong, China and Asia will provide a cost-effective way of expanding NOW. ``They will have a broadband network in place in Hong Kong so we don`t have the massive capital expenditure associated with that. Secondly, through developing portals such as Navigator, we can expand the NOW broadband portal. ``So, what we`re looking at is cutting our costs back accordingly to what we can afford here...the evolution of NOW, we can expand that to partnerships and joint ventures into new markets. ``One area we`re looking at is Japan through our investment with Jaleco there. And another is, as part of the Telstra deal, use Telstra distribution there through TV and broadband network. ``But coming out of this way, (we can) significantly cut back the costs of the NOW model that stood there within a standalone Pacific Century, without Hong Kong Telecommunications.`` Alex Arena, deputy chairman of the executive committee: ``We`re looking more cautiously and perhaps more prudently at the rate of expansions into our various Net enterprises in line with the general markets. It doesn`t mean we abandon it at all. It just means that we`ll be looking at how we can actually leverage partnerships. We`re not signaling that we`re moving away from our strategy in the Internet phase; it`s just that we`re going to be cautious in light of the market conditions.`` Arena on NOW`s rollout: ``On the capex (capital expenditure) for NOW, clearly, we`re developing a soft launch. Obviously, we don`t operate in a vacuum. We operate in a market. Our Internet competitors are finding the going particularly tough in the current market conditions. So that means we can be more prudent the way we move forward. Indeed, now we have the opportunity to acquire a number of competitors.`` Arena on the IP backbone market share: ``If you take our investments in the current cables that are being built, I think our (market) share is a high single-digit. We certainly see the requirement for more capacity in the future because we`re fining an explosion in bandwidth. We`ll continue to develop the cable business. We are making sure we can sustain very high growth rate for our local connectivity business.`` Arena on the earnings mix from the IP backbone business: ``(It will be) roughly 60 percent voice and 40 percent data. But it will change dramatically. It will probably in the next 18 months to two years (become) 40 percent voice and 60 percent data. Over the seven months of negotiation with Telstra, it`s the IP backbone business that glued and kept the whole thing together. Frankly, the IP backbone business is worth much more than everything else in the deal put together.`` Arena on acquiring Cable & Wireless`s stake in MobileOne Asia Pte., Singapore`s No. 2 cellular phone company: ``As part of the agreement with Telstra, we have a preference to try and get the entire 30 percent stake in MobileOne into the regional mobile company (formed with Telstra). Cable & Wireless has indicated that they wish to exit. We`re in discussions with them as also with Keppel and SPH (Singapore Press Holdings)`s corporate holdings. The other shareholders of MobileOne are trying to find an amicable way of resolving the (issue of) stakes in MobileOne.`` Arena on funds required by CyberWorks in general: ``The amount of money we`ll be approaching banks for is somewhere in the order of $4 billion. Separately, we`ll be working fully with Telstra to raise the financing for the IP backbone business. That`s a very solid business with $2 billion revenue per annum and about $500 million EBITDA. And Telstra and us have a very strong desire of raising that financing at investment grade because of the solidity of the business.`` Francis Yuen, deputy chairman, on the stock and bond sale: ``The Cable & Wireless representatives on the board of PCCW were supportive of the deal we announced yesterday, but they`ve not decided whether they are going to take up their right entitlements.`` Yeun on financing CyberPort: ``We`re envisaging a term of 3-5-7 years. On the convertible bond that we just issued, the pricing is quite attractive, probably in the range of triple B minus. We probably are going to commence discussions with our banks on those basis. We have a very specific financing proposal on CyberPort in place and we`ll start talking to the banks after the refinancing of the bridge loan is completed.`` Yuen on Pacific Century Regional Developments` funding for CyberWorks share subscription: ``The interim arrangement is for Richard Li and his related company to lend to PCRD on (an) interest-free basis until commercial funding is raised. In the meantime, they`ll consider the possibility of raising permanent funding, including disposal of assets. If every shareholder picks up the right entitlement, PCRD will have sufficient cash in the company to fund the entitlements.`` Norman Yuen, deputy chief executive of CyberWorks` executive committee, on the company`s telecom and Internet business: ``The telelcom services side is on track. We`re quite obviously seeing a bottoming out signal coming forward in two aspects. One is market share. In quite in a number of segments, our market share is actually picking up. ``Now (as the) economy (is) picking up so with our basic telecommunication services, we`re seeing elements of steady growth on a huge cover base. ``In the valued-added services, that means employing more sophisticated digitized services like the uniformed messaging services. We`ll be continuously marketing more sophisticated services.``



UPDATE 2-China opens Internet to the cable TV industry



blessing the convergence of the sectors, Beijing appears10/25/00 BEIJING, Oct 25 (Reuters) - In a step that could dramatically boost competition in Chinese telecommunications, the government has repealed a rule barring the cable television and phone industries from each other`s businesses, a top regulator said on Wednesday. ``They are allowed to compete,`` Liu Cai, director general of policy and planning at the Ministry of Information Industry, told reporters at a reception. The move might also create fertile ground for investment by foreign companies seeking to tap China`s booming Internet market. China prohibits foreign stakes in cable stations, but has promised to allow overseas investment in Internet service providers after the country joins the World Trade Organisation. The new rule could potentially make the country`s 2,000 cable operators ripe for foreign partnerships. China erected a regulatory wall between the industries a year ago after deadly battles broke out in the southern province of Hunan between cable TV executives and telephone officials who muscled into one another`s turf. Gunfights and riots broke out in some counties after cable TV officials chopped down telephone lines that carried video programming, and one state newspaper reported that more than 100 people were injured or killed in the clashes. CABLE`S PRAYERS ARE ANSWERED Despite the ban, however, some local branches of state phone giant China Telecom have continued to pipe television service to their customers, and many of the country`s 2,000 cable TV stations have carried Internet and data over their networks. to be trying to spur competition to strenghten the telecoms industry ahead of China`s entry to the World Trade Organisation, after which foreign firms will be allowed to participate. ``Of course they can provide Internet services,`` Liu said of cable TV companies. ``But they must have a licence.`` Cable companies that already provide or hope to provide Internet access and data services should apply for licences at the Ministry of Information Industry, he said. The same goes for phone firms seeking to deliver TV services. The two industries would not be allowed to produce TV programming, however, he said. The creation of such content would be left to China Central Television and local state-controlled broadcasters, he said. On balance, the rules appear to be a bigger boon to cable. The opportunity to sell Internet access might be just the trick to boost stations` profits, which are eaten into by pirate operators. The stodgy state programmes they are required to carry also make it difficult to raise high adertising revenues. AN OPPORTUNITY FOR RUPERT MURDOCH? Foreign media companies, such as Hong Kong-based Pacific Century CyberWorks and Rupert Murdoch`s Star TV, are seeking middlemen to carry their Internet video programming to Chinese viewers, and the new regulation could make cable stations their best bet. The benefit of the new rule to phone companies is less clear. China Telecom makes massive profits charging sky-high long distance fees. But because local phone fees are bound by price ceilings, two-thirds of the firms`s provincial branches are actually losing money. They have turned to TV programming as a strategy to prop up their bottom lines. But the requirement that cable and telephone firms draw their TV content from the same source makes it unclear how China Telecom`s video service would be able to distinguish itself. http://live.altavista.com/scripts/editorial.dll?ei=2286560&e…



CHINA: NEWSMAKER-Tough times for Hong Kong`s most famous son.



CHINA: NEWSMAKER-Tough times for Hong Kong`s most famous son.By Tony Munroe10/25/2000Reuters English News Service(C) Reuters Limited 2000. HONG KONG, Oct 25 (Reuters) - The man called "Superboy," it seems, has lost his cape - at least in the eyes of investors. Early this year the 33-year-old Richard Li and his Pacific Century CyberWorks were darlings of the New Economy and could do no wrong. Investors eager for a piece of the Li family magic - his father Li Ka-shing is Hong Kong`s richest man (and known locally as "Superman") - were glad to give PCCW money to fund Richard Li`s dreamy if unproven New Economy vision. But with shares in the Internet and telecom firm trading at HK$5.95 from a February high of HK$28.50 - and Li`s plan to pledge up to US$1.1 billion towards a recapitalisation failing to impress investors - Hong Kong`s leading young entrepreneur-about-town seems unable to do anything right. Hong Kong newspapers, often boosterish while Li engineered his US$28.5 billion buyout of Cable & Wireless HKT in Asia`s largest-ever takeover, now relish printing unflattering photos capturing the bespectacled Li as he winces or grimaces. Some punters feel burned by the recapitalisation plan and have complained on local talk radio. The new offering could eventually dilute their holdings by up to 14 percent, said an analyst, and will leave investors holding odd share lots. SELLS HIGH, BUYS LOW But Li, who holds a 38 percent PCCW stake, appears to have done better than some investors through the refinancing. In August he sold a one percent holding in PCCW at HK$15.81 a share for US$487 million, and under the refinancing will buy back in at HK$6.50 a share, potentially boosting his stake to 41 percent, PCCW said. "As a minority shareholder, I`d be displeased," said SG Securities Internet analyst Jonathan Iu, who called it "not a good p.r. (public relations) move." Iu added, "people just get a bit disenchanted, disillusioned with Li`s financial reengineering." Those who know him say Li is sorely disappointed that minority shareholders have suffered, which he blames in part on short-selling by hedge funds. The refinancing, the company said, is intended to shore-up its balance sheet, which still will carry what PCCW says is a manageable US$4 billion bank debt. PCCW shares have been brutalized by negative sector sentiment, debt, lack of investor confidence in its broadband efforts, and fear Cable & Wireless will dump its 15.3 percent (pre-dilution) holding. BEST OF OLD, NEW Just months ago, Li seemed to exemplify the most effective traits of both the new and old ways of doing business in Asia. Like many of his generation, Li was educated in the United States (at Stanford), is techno-literate and saw the unprecedented potential in the Internet economy. In his blue blazer and open-collared shirt, the youthful-looking Li looks every bit the cyber-entrepreneur. But like businessmen of his father`s generation - Li Ka-shing rose from selling plastic flowers to developing land to amassing a vast and diverse corporate empire - Richard Li also knows how to make use of "guanxi," or connections. Winning a US$12 billion loan in February to help buy Hong Kong`s dominant phone company, for example, was no problem, given the coziness of the local business community and Li`s pedigree. And in a controversial decision last year the Hong Kong government awarded PCCW, without competitive bid, the right to develop the CyberPort office, retail and residential complex. The Li family imprimateur, meanwhile, carries a share price premium, at least in the eyes of some Hong Kong punters. Early this year tom.com , a Li Ka-shing backed Web portal that hadn`t even launched its site, triggered near-riots among would-be buyers of IPO shares. In April 1999 when Richard Li`s PCCW said it planned a so-called "backdoor" listing by buying Tricom Holdings, Tricom stock soared 1,286 percent on its first day of trading. But some in Hong Kong grumble that too much of the Hong Kong market is tied-up in Li-family controlled ventures. Li has sought to extricate himself from his father`s gargantuan shadow, resigning his board seat at conglomerate Hutchison Whampoa Ltd , controlled by Li Ka-shing. LI VS MURDOCH The trading acumen that Richard Li inherited from his father has also triggered a made-for-media rivalry with the Australia-based Murdochs. Li used a loan from his father in 1992 to set up Star TV, Asia`s first broadcast satellite business, then sold it to Rupert Murdoch`s News Corp Ltd for US$950 million. Star has lost money ever since. This summer Rupert`s son James Murdoch (also U.S.-educated and tech-savvy), who now runs Star TV, trashed PCCW during a speech in Scotland. But despite PCCW`s recent problems Li still cuts an almost rock star-like swath in celebrity-mad Hong Kong. Unmarried, Li`s private life is a staple of gossip pages. When he got a crew-cut, he launched a mini-fad. Though he is building a mansion away from Hong Kong`s crowds in beachfront Shek O, Li still displays a common touch. When PCCW threw a glitzy, exclusive party in August to celebrate its purchase of HKT, Li invited the media horde staking-out the Shangri-La Hotel to come inside and join the festivities. Li, no doubt, hopes the time for celebration returns.



China Mobile to subscribe to CyberWorks rights issue



http://english.hongkong.com/hkdc/en/biz/news/0,1535,17748-40… 25 2000 11:21AMHong Kong October 25 (afx-asia) -- China Mobile (Hong Kong) will subscribe to the rights issue made by Pacific Century CyberWorks Ltd, the Hong Kong Economic Times cited sources close to China Mobile as saying.The sources said China Mobile now holds a 4.1 pct stake in CyberWorks.CyberWorks yesterday announced it will make a 30-for-1,000 rights issue of about 637.3 mln shares at 6.50 hkd each, with two warrants attached to each shares with an exercise price of 7.50 hkd.CyberWorks` fund-raising exercise also included the issue of up to 1.3 bln usd in convertible bonds.

[Honkydonky]

`PCCW still strong despite the debt`



By LI WENFANG
The head of the Bank of China, which provided the largest share of a syndicated loan to Pacific Century CyberWorks for a takeover, believes that the possibility of refinancing the debt exists despite concerns about PCCW`s ability to pay the debts reflected in the dramatic drop of its share price.

"PCCW still has a high asset value and a pretty good operation," Liu Jinbao, chief executive of Bank of China Hong Kong-Macao Regional Office, told reporters yesterday.

He said he had not heard of any credit bank`s plan to withdraw from refinancing, as rumours have said.

PCCW borrowed US$12 billion to finance its takeover of Cable & Wireless HKT. It has paid US$3 billion and needs to refinance the rest.

However, Liu declined to comment on whether the refinancing cost will be higher in this situation.

Liu said he believes the recent decline in value of telecommunications companies worldwide is just a correction of their speedy expansion and won`t last long. With proper adjustment and with the development of the whole high-tech sector, the telecommunications sector enjoys a bright prospect.

On the deposit insurance scheme proposed by the Hong Kong Monetary Authority, Liu said he agrees with the idea, which is intended to maintain the stability of the banking system, but the time is not ripe for implementation.

He said cost, fairness and concerns over the ethical hazard involved in introducing such a plan should be more clearly stated to allow people and the banking sector to understand it better.

The plan will increase banking costs not only by imposing the insurance but also by adding other resulting expenditures.

Since the interest rate cap will be eliminated in July, competition among banks will increase, and it will be better to introduce the plan after that.

He also noted that deposits may flow from unrestricted banks and overseas branches of local banks, which are not subject to the deposit protection scheme.

Responding to reports that there will be 3,000 job cuts in the restructuring of the BOC Group, Liu said no special layoff plan is involved in the restructuring.

[Honkydonky]

So wie es scheint ist der Boden nun bald gefunden ! Nachdem der Kurs nun ordentlich "heruntergeprügelt" wurde, stimmen die ersten Analysten wieder positive Töne an. Schliesslich hat man ja genügend Gelegenheiten gehabt, sich (zu Schleuderpreisen) einzudecken. Die Dummen werden wie immer die "Zittrigen" sein ! Wer jetzt noch verkauft ist selber schuld ! Wer jetzt einsteigt sitzt auf der Pool-Position !

Bis dann !

30.10.2000
PCCW vor Erholung
Emerging Markets Investor


Gute Kursaussichten sehen die Analysten von Emerging Markets Investor für die Aktie von Pacific Century Cyber-Works (WKN 924882).

Derzeit würden nach Ansicht der Experten noch Sondereffekte, die im Zusammenhang mit der Übernahme von Hongkong Telekom stünden, den Kurs belasten. Offensichtlich seien die beteiligten Banken in Anbetracht der schwierden Situation an den Aktienmärkten nun doch nicht mehr bereit Pacific Centurys Finanzkonstrukt wie ursprünglich geplant zu akzeptieren und beurteilen das Geschäftsmodell des Unternehmens zunehmend kritisch.

Der Anleger sollte sich nach Ansicht der Experten aber nicht zu Verkäufen hinreißen lassen. Denn technisch sei die Aktie bereits total überverkauft. Ein Kaufsignal und damit Impulse für die Aktie könnte es bald gebe, wenn die Aktie wieder über 7 HK-Dollar steige. Dieser Startschuss für eine markante Erholung sollte aufgrund der erwarteten starken Entwicklung der asiatischen Telekommunikationmärkte in den nächsten Monaten aber bald fallen.

Aufgrund der derzeit niedrigen Bewertung von PCCW und der guten Aussichten für den asiatischen Telekommunikationssektor empfehlen die Analysten von Emerging Markets Investor ein Engagement.

[Honkydonky]

CN-Markets News





Related Quotes
0008 PAC CENT CYBER
6.050 0.050




18:24 30-OCT-2000
PCCW (0008-HK) formally takes over Jaleco, changes name

PCCW has assumed formal control of Japanese entertainment software producer, 80.72 pct-held- Jaleco and a name change to PCCW Japan K.K. has been approved.

The change will be effective from November 1.

Five directors including Todd Bonner as the president of PCCW Japan K.K. were appointed.

Others included PCCW`s deputy chairman Francis Yuen and executive committee deputy chairman Alex Arena.

According to the company, a Tokyo studio is to be built by early 2001 and NOW Japan is expected to come online in the second-half of 2001.

The company will also announce the results of a business review on Jaleco shortly.

PCCW Japan K.K. has appointed former Capcom USA president and CEO Takeshi Harada to head up Jaleco and he will be responsible for the development of new company`s NOW gaming portal and the development of its network gaming.

[seeffe]

@alle

kam eben übern ticker:

dpa-AFX-Nachricht




Dienstag, 31.10.2000, 09:59
CyberWorks beendet NOW-Test in Hongkong - Neuverhandlungen mit Kabelsender
HONGKONG (dpa-AFX) - Die Hongkonger Internetholding Pacific Century CyberWorks wird am 27. November den Testbetrieb der englischsprachigen Ausgabe ihres Breitbanddienstes NOW in Hongkong einstellen. Der Test erfolgte gemeinsam mit dem Hongkonger Kabelnetzbetreiber Hong Kong Cable Television Ltd. Wie die Partner am Dienstag mitteilten, werden sie nach der bis dahin abgeschlossenen Testphase in neue Kooperationsverhandlungen treten. Eine chinesischsprachige Ausgabe des Dienstes soll im Jahr 2001 an den Start gehen./cs/av/fl



[e-mail]

[seeffe]

@alle

kam eben übern ticker:
dpa-AFX-Nachricht




Dienstag, 31.10.2000, 09:59
CyberWorks beendet NOW-Test in Hongkong - Neuverhandlungen mit Kabelsender
HONGKONG (dpa-AFX) - Die Hongkonger Internetholding Pacific Century CyberWorks wird am 27. November den Testbetrieb der englischsprachigen Ausgabe ihres Breitbanddienstes NOW in Hongkong einstellen. Der Test erfolgte gemeinsam mit dem Hongkonger Kabelnetzbetreiber Hong Kong Cable Television Ltd. Wie die Partner am Dienstag mitteilten, werden sie nach der bis dahin abgeschlossenen Testphase in neue Kooperationsverhandlungen treten. Eine chinesischsprachige Ausgabe des Dienstes soll im Jahr 2001 an den Start gehen./cs/av/fl



[e-mail]

[el cid 1]

Ahoi
Was soll man davon Halten???


News Watch
CyberWorks verbündet sich mit T-Online und fünf weiteren Internetanbietern

HONGKONG (dpa-AFX) - Die Hongkonger Internetholding Pacific Century CyberWorks hat die Zusammenarbeit mit sechs Internetanbietern angekündigt. Ziel sei die Expansion des Auslandsgeschäfts, teilte CyberWorks am Dienstag mit. Das Unternehmen nannte keine finanziellen Details. Die Partner sind den Angaben zufolge die amerikanische EarthLink , die japanische NIFTY Corporate/Fujitsu , SingNet, T-Online International , Unitel/Samsung und die brasilianische Universo Online. Im Rahmen der Kooperation werden sich die Unternehmen auf die Entwicklung von Diensten und Informationsangeboten konzentrieren./cs/av/sk

MfG
el-cid

[Honkydonky]

PCCW mit 30 Mill US-$ Auftrag von Infonet



PCCW gab heute bekannt, dass die Telekommunikationseinheit PCCW-HKT einen Auftrag in Höhe von 30 Mill US-$ von der amerikanischen Unternehmung Infonet Services bekommen habe.

PCCW-HKT wird Infonet internationale Kommunikationskapazitäten von 300 Mbps zur Verfügung stellen, die Hongkong, Japan und Malaysia verbindet. Zusätzlich werden noch 450 Mbps für die Verbindung zwischen Hongkong und den Rest der Welt bis Ende 2002 zur Verfügung gestellt.

Die gesamt möglich Datenkapazität entspricht 1,5 % der gesamten Datenkapazität in der asiaitischen Region für 2000/01.



-js- 01.11.00 08:45:00

[Honkydonky]

PCCW verhandelt mit Banken über Umschuldung



Die Hongkonger Internetholding Pacific Century CyberWorks hat Gespräche mit einem Bankenkonsortium über die Umschuldung ihrer rund 4,1 Mrd. USD umfassenden Außenstände bestätigt. Heute wurde gab eine Sprecherin von PCCW bekannt, dass bis Februar die Refinanzierung abgeschlossen werden solle. Die 4,1 Mrd. US-$ sind als Rest der 12 Mrd. US-$ verblieben, die PCCW zum Kauf von C&W HKT aufgenommen hatte. Der Rest sei inzwischen durch Eigenleistungen, Kapitalerhöhungen und diverse Sonderleistungen gedeckt worden.



-fjs- 01.11.00 11:41:00

[Kastor]

Mensch was kommen von PCCW Meldungen jede andere Aktie wäre schon
bei dausend!
Wer jetzt nicht investiert hat eine Macke hier entsteht was "Großes"
hab die Aktie selber schon tausendmal verflucht aber meine Glaube
an Li und seine Verbindungen und Leistungen sind ungebrochen!

Kastor

[Honkydonky]

CyberWorks expects good deal


Thursday, November 2, 2000

LENDING
LOUIS BECKERLING


--------------------------------------------------------------------------------
Negotiations between Pacific Century CyberWorks and its bankers on a debt refinancing are "proceeding swiftly" with new loans due to be secured at sharply lower costs, a company official last night predicted.
"The refinancing will be in place well before the February 27 deadline, and it will be priced at a rate substantially below 100 basis points above Libor [London interbank offered rate]," the official said.

Sources close to the talks said the refinancing package could be for between US$4 billion and US$4.5 billion.

"Go with the high end of US$4.5 billion and Libor of about 6.6, and assume a spread of 70 basis points - which will give you a rate of about 7.3 per cent - and you could figure out that debt servicing could be about US$27 million or US$28 million a month, or around US$328 million a year," a source said.

ABN Amro head of Internet research Jahanzeb Naseer calculated CyberWorks was likely to be talking to its bankers for a new loan of about US$3.38 billion.

The original US$12 billion raised in February, to pay for its takeover of Cable & Wireless HKT, had been reduced to US$9 billion from internal resources, he said.

"An amount of US$1.12 billion is due to be raised by the IP [Internet protocol] backbone company - the joint venture between Telstra and CyberWorks - which will be paid by the IP to CyberWorks as the purchase price for the assets it received from CyberWorks," Mr Naseer said.

The IP, which operates a network of undersea cables in Asia, had cash flows of US$500 million - more than adequate to service its debt, he said.

"On top of this, CyberWorks will get a cash injection of US$1.68 billion from Telstra to pay for its share of their mobile joint-venture, together with an additional US$750 million, which Telstra will take up from a convertible bond issued by CyberWorks," Mr Naseer said.

"That reduces the debt on CyberWorks` books to US$5.445 billion. After that they have either raised, or are in the process of raising, another US$1.6 billion from two sources - the US$1.1 billion convertible bond already issued, and a rights issue which will raise US$533 million."

This left US$3.38 billion on the books to be refinanced.

At this level, debt would amount to little more than four times free cash flow of about US$800 million and the group would not be considered highly-leveraged.

One reason investors could nonetheless be judging the company harshly, suggested Mr Naseer, was that it faced a heavy depreciation and amortisation charge next year.

On an accounting basis, once these charges were made on the profit and loss statement, net earnings for the year 2002 could appear insufficient to service debt. "But cash flow is the more important measure," he said.

Some analysts have also speculated that, if banks were concerned about the net earnings outlook, they might seek to secure cash flows from its Hong Kong telecommunications operations as collateral for new lending.

At the extreme, this could see these revenues collected in an escrow account, on which the new financing facility might have first call.

Such an arrangement would significantly alter the risk profile presented by the performance of the CyberWorks convertible bond, which is trading at an implied yield of some 600 basis points above Libor - even after taking into account the convertibility.

A bond analyst last night said it would be wrong to project from this implied yield that CyberWorks would have to pay a similar yield were it to go to the bond market with a new issue.

"Bank lending is a relationship issue and the loan could be secured with a credit enhancement which would significantly lower its risk profile," the analyst said.

The bridging loan CyberWorks was seeking to refinance, he said, could be secured against HKT`s cash flows.

http://www.scmp.com/news/Business/Article/FullText_asp_Artic…

[Honkydonky]

PCCW findet Kreditgeber, Kaufempfehlung

Wie die South China Morning Post berichtete hat PCCW heute den Deal mit einem Bankenkonsortium abgeschlossen. Die Banken gewähren PCCW einen Kredit von 4.7 Mrd. US-$, welcher nötig ist um die durch die Übernahme von C&W HKT entstandenen Schulden zurückzuzahlen. Der Zinssatz lag erstaunlicherweise nur 90-95 Basispunkte über LIBOR. Noch bei der Übernahme hatte er 115 + LIBOR betragen. Genau diese Tatsache veranlasste Dao Heng dazu eine Kaufempfehlung für das Unternehmen auszusprechen. PCCW habe einen guten Deal abgeschlossen und man sei der Meinung, dass die Befürchtungen der Marktteilnehmer über Liquiditätsprobleme damit erst einmal aus der Welt geschaffen sind. Auch die Restrukturierung von NOW und iTV bewerte man positiv. (jf)

© Emerging Markets Research, 06.11.00
http://www.em-research.de

[Honkydonky]

Dao Heng Securyties vom 06.11.2000

PCCW (0008) BUY

$5.95

PCCW has secured a US$4.7bn refinancing loan at an average rate of LIBOR + 90-95bp, with maturity between three and seven years. The terms of the deal are better than our estimate of LIBOR + 120-150bp. This removes market concerns on the company`s liquidity. The company paid an interest rate of LIBOR + 115bp for the US$120bn bridge loan for the acquisition of HK Telecom, and is currently still in negotiations regarding a US$2bn syndicated loan for its IP backbone joint venture with Telstra. Since the loan is non-retraceable to the parent, we expect the terms will be less favourable than the refinancing loan.

PCCW is also reviewing its NOW and iTV businesses. Reports suggest that NOW will be suspended until the review has been completed. One of the proposed options is to offer the iTV services via broadband Internet, enabling the services to reach customers outside Hong Kong and accelerate the convergence of iTV with NOW. We believe it will be positive for the company if management slows down the pace of expansion on NOW and focuses on revenue generation of the core business.

[Honkydonky]

Pacific Century vielversprechend Datum : 07.11.2000
Zeit :14:09


Die Analysten von Core-Pacific Yamaichi stehen der Aktie der Hongkonger
Internetholding Pacific Century CyberWorks (WKN 924882) positiv gegenüber.
Das Papier habe sich leicht erholt, nachdem eine günstigere Refinanzierung
der Außenstände in Höhe von insgesamt 4,7 Mrd. US-$ bekannt geworden sei.
Im Gegensatz zum bisherigen Tilgungsangebot habe sich der Zins nun um 1
Prozent reduziert. Nach Auffassung des zuständigen Analysten Edmond Cheung
müsse das Unternehmen jedoch als Gesamtheit betrachtet werden. Bei den im
Projekt Network of the world zusammengefassten Breitbandaktivitäten solle
das Augenmerk stärker auf China, als auf Großbritannien und Hongkong
gerichtet werden. Das bevölkerungsreichste Land der Erde verfügt nach
Meinung der Experten über ein enormes Wachstumspotential.

Demnach verspreche der Holding-Titel dem Anleger ein attraktives
Investment.

[Honkydonky]

PCCW: Cyberport ist zu klein

Aktuell haben 160 Unternehmen Büroflächen in Pacific Centurys Cyberport beantragt. Die bestellte Gesamtfläche hat 1 Mio. Quadratmeter bereits überschritten. Sogar wenn, wie bereits geplant, weitere 210 Tsd. Quadratmeter Wohnfläche in Bürofläche umgewandelt wird, so reicht der Platz noch immer nicht aus. Aus diesem Grund prüft die Regierung gerade weitere Möglichkeiten um die Büroflächen erneut zu vergrößern. (jf)

© Emerging Markets Research, 08.11.00
http://www.em-research.de


Scheint sich gut zu entwickeln dieser Cyberport - ein klares Indiz für die grosse Bedeutung und das Vertrauen in diesen Standort ! Wie groß er noch werden wird werden wir in ein paar Jahren sehen. An die kleinen Rückschläge wie wir sie im Jahr 2000 erlebt haben wird sich dann warscheinlich kaum noch jemand erinnern.

Bis dann Honky

[Honkydonky]

Pacific Century CyberWorks (PCCW) legten bei starkem Umsatz um 3,3 % zu


Aktien Hongkong schließen schwächer


vwd HONGKONG. Schwächer hat der Aktienmarkt in Hongkong am Mittwoch geschlossen. Der Hang-Seng-Index (HSI) gab 1,1 % bzw. 166,66 Punkte auf 15 654,13 ab. Der breiter gefasste All-Ordinaries-Index verlor ein Prozent bzw. 66,51 Stellen auf 6 442,69. Das Handelsvolumen belief sich auf 12,51 (8,98) Mrd HK-$, wobei sich bei den Blue Chips 18 Kursgewinner und 12 Kursverlierer gegenüberstanden, während drei Titel unverändert aus der Sitzung gingen. Im Handelsverlauf war der HSI zwischenzeitlich über die Marke von 16 000 Zählern gestiegen, bevor kurz vor Sitzungsende verstärkt Gewinnmitnahmen einsetzten, hieß es.
Dabei habe nicht zuletzt die Verkündigung des Wahlsiegs von George W. Bush den Index in die Höhe getrieben, erklärten Marktteilnehmer. Zwar werde der Ausgang der Wahl keinen direkten Einfluss auf den lokalen Markt haben. Anleger würden jedoch damit rechnen, dass der Hongkonger Markt von der von einem Wahlsieg Bushs erwarteten positiven Entwicklung an Wall Street profitieren wird. Pacific Century CyberWorks (PCCW) legten bei starkem Umsatz um 3,3 % bzw. 0,20 HK-$ auf 6,30 zu. Nach Ansicht eines Analysten reagierten Anleger damit auf die jüngsten positiven Unternehmensnachrichten, darunter ein Refinanzierungsprogramm und ein "zurückhaltender" Ausgabeplan.

Die Telekommunikationstitel schlossen uneinheitlich. So verteuerten sich SmarTone Telecommunications um 4,3 % auf 12,10 HK-$, während sich China Mobile um 2,3 % auf 52,50 und Hutchsison Whampoa um 1,9 % auf 106 HK-$ ermäßigten.



HANDELSBLATT, Mittwoch, 08. November 2000

[Honkydonky]

CyberWorks Rises on Separation From Cable & Wireless (Update2)



By Joshua Fellman

Hong Kong, Nov. 8 (Bloomberg) -- Pacific Century CyberWorks Ltd. rose after it said its venture with Telstra Corp. may increase its stake in Singapore`s No. 2 mobile phone company and that it hired bankers to help Cable & Wireless Plc sell its remaining CyberWorks shares.

CyberWorks, Asia`s No. 2 Internet company and Hong Kong`s largest phone company, rose 3.3 percent to HK$6.30. The stock has lost 65 percent of its value this year.

The transactions would help disentangle CyberWorks` shares and operations from those of Cable & Wireless, which sold its Cable & Wireless HKT Ltd. unit to CyberWorks earlier this year, and which owns 15 percent of CyberWorks` stock.

``We`re seeing them sort out their problems,`` said David Harman, an analyst at Typhoon Eight Research Ltd. in Hong Kong. ``I`d buy it at this stage up to HK$7.``

In Singapore, CyberWorks owns a 30 percent stake in cellular phone operator MobileOne (Asia) Pte. in a 50-50 joint venture with Cable & Wireless, which wants to sell its stake. Alex Arena, CyberWorks` deputy chairman, said the company`s mobile venture with Telstra wants to increase its stake in M1.

Arena denied a report in the South China Morning Post that the venture will sell new shares to finance the acquisition or may buy control of M1 through a share swap with Keppel Telecommunications & Transportation Ltd., which owns 35 percent.

``No decision has been taken. The possibility of selling shares may have been raised at the working level,`` Arena said. ``There are actually many shareholders involved: Cable & Wireless, Keppel and Singapore Press Holdings.``

Bankers Hired

Salomon Smith Barney Inc. and Chase Manhattan Corp. said CyberWorks hired them to find buyers for the 15 percent of CyberWorks now held by Cable & Wireless.

``We can confirm we were engaged by PCCW,`` said Mei Zhang, a spokeswoman for Salomon. A Chase banker, who declined to be named, also said his bank had been appointed.

CyberWorks has talked to European and U.S. telecom companies including Qwest Communications International Inc., Verizon Communications and WorldCom Inc., the Hong Kong Economic Times reported this morning.

``The key for share price movement (in CyberWorks) is news about Cable & Wireless, which has been an overhang on the stock,`` said Jahanzeb Naseer, an analyst at ABN Amro Holdings NV in Hong Kong.

Arena declined to confirm the appointments. ``We have an open door policy, and the bankers have a lot of interesting ideas,`` he said. ``Those bankers are talking to us on a number of possibilities of how we might form strategic alliances with a number of different parties.``

Cable & Wireless, the U.K.`s No. 2 phone company, raised as much as HK$10.4 billion ($1.3 billion) through the sale of 4.9 percent of CyberWorks in September. The company can sell about 7.1 percent more at end of February and its remaining stake by the end of August 2001.