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[simon_M]

Hong Kong PCCW Chairman Li In Japan Telecom Fixed-Line Buyout

11-06-03 05:18 AM EST

HONG KONG -(Dow Jones)- Pacific Century Group, a private-investment group controlled by PCCW Ltd.(HK) (0008.HK) Chairman Richard Li, said Thursday it is part of a consortium that is buying Japan Telecom Holdings Co.`s (J.JTC or 9434) fixed-line business.

In August, Japan Telecom Holdings agreed to a leveraged buyout of its fixed- line operations by a consortium led by U.S. investment fund Ripplewood Holdings LLC(RPP) (X.RPP) for Y261.3 billion.

Pacific Century said Thursday that Li will take up a position on the board of the fixed-line business once the transaction is complete.

According to the statement, Li had offered PCCW the opportunity to invest in the fixed-line business before Pacific Century Group entered into the deal.

"The board of PCCW decided against the investment as it was not in line with the company`s business plan at the time," the statement said.

No financial details were given. Ripplewood said last month that other investors in the buyout included investment bank Goldman Sachs Group Inc(NYSE:GS) (GS), the private-equity fund Newbridge Capital (X.NBG) group, PPM Ventures, the private equity arm of British insurer Prudential PLC(NYSE:PUK) (PUK), and Hong Kong-based telecom investment fund TVG Ltd.

Pacific Century Group owns stakes in Hong Kong-listed firms PCCW and Pacific Century Insurance Holdings Ltd. (0065.HK) and Singapore-listed Pacific Century Regional Developments (P.PCR). It also has property interests in India, Singapore, Hong Kong, China and Japan.

-By Nisha Gopalan, Dow Jones Newswires; 852-2802-7002; nisha.gopalan@ dowjones.com


Dow Jones Newswires
11-06-03 0518ET

Copyright (C) 2003 Dow Jones & Company, Inc. All Rights Reserved. Copyright 2002 Dow Jones & Co., Inc.

[Aomi]

wenn schon PCCW News dann bitte richtig!dies ist nicht PCCW sondern Pacific century Group des Richard LI ,der sich an dem Consortium beteiligt ,PCCW hatte abgelehnt,hat genug Sorgen mit seinen Telkomfirmen
The Pacific Century Group, a private investment group controlled by Richard Li, announced today that it is part of the investment consortium in the acquisition of Japan Telecom Co. Ltd., a wholly-owned fixed-line business of Japan Telecom Holdings Company Limited. The consortium headed by Ripplewood announced in August the acquisition of Japan Telecom Co. Ltd.

Richard Li will take up a position as a director on the board of Japan Telecom Co. Ltd. upon completion of the transaction.

Before entering into this transaction, Richard Li offered this investment opportunity to PCCW Limited. The Board of PCCW decided against the investment as it was not in line with the company`s business plan at the time.