Conglomerate PCCW has received approval from the Hong Kong Stock Exchange to list its telecoms unit as a business trust in Q4 2011, according to IFR.
The company only confirmed in a notice to the stock exchange that the Listing Committee reviewed the…
Conglomerate PCCW has received approval from the Hong Kong Stock Exchange to list its telecoms unit as a business trust in Q4 2011, according to IFR.
The company only confirmed in a notice to the stock exchange that the Listing Committee reviewed the PCCW’s application for the spinoff.
This is the first time that Hong Kong allows the listing of a business trust. The transaction could raise up to US$2bn.
The company has hired NM Rothschild & Sons to advise on the transaction, which will only involve the disposal of a minority stake in the business.
With the proceeds, the company is looking to reduce its debt load and invest in its growth businesses, according to PCCW’s interim results for 2011.
