Hong Kong conglomerate PCCW has said that it is expecting to raise between HK$9.3bn (US$1.2bn) and HK$11.5bn (US$1.4bn) in the listing of its telecom unit as a business trust.
The company said that the indicative price range per share will likely be…
Hong Kong conglomerate PCCW has said that it is expecting to raise between HK$9.3bn (US$1.2bn) and HK$11.5bn (US$1.4bn) in the listing of its telecom unit as a business trust.
The company said that the indicative price range per share will likely be between HK$4.53 (US$0.58) and HK$5.38 (US$0.69), giving the unit a market capitalisation of between HK$29.07bn (US$3.7bn) and HK$34.5bn (US$4.4bn).
Following completion of the offering, PCCW expects its stake in the business trust to be reduced to 63%, assuming an over-allotment option is not exercised, or to 59.9% is the option is exercised.
Proceeds from the transaction are expected to be used for debt repayment. Bookrunners on the deal reportedly include DBS, JP Morgan, Standard Chartered, CICC, Deutsche Bank, Goldman Sachs and HSBC.
According to Dow Jones citing people familiar with the matter, the listing is scheduled for 29 November on the Hong Kong Stock Exchange.
