Richard Li, the chairman of Hong Kong-based conglomerate PCCW, is seeking to buy approximately 13% in the offering of the company’s telecom trust, according to a PCCW filing.
PCCW is currently in the process of listing part of its telecom unit as a…
Richard Li, the chairman of Hong Kong-based conglomerate PCCW, is seeking to buy approximately 13% in the offering of the company’s telecom trust, according to a PCCW filing.
PCCW is currently in the process of listing part of its telecom unit as a business trust on the Hong Kong Stock Exchange. The IPO is expected to raise between HK$9.3bn (US$1.2bn) and HK$11.5bn (US$1.4bn).
As a shareholder in PCCW – he owns about 27% – Li is reportedly entitled to buy 2.7% of the 2.05 billion shares being listed. But according to a Dow Jones report, the chairman is confident of the quality of the assets and has therefore decided to buy an extra 10% approximately.
PCCW was not immediately available for comments before the press deadline.
The IPO pricing is expected on 22 November ahead of the listing on 29 November.
