| Hong Kong PCCW sells non-core assets |
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| Thursday,August 18,2005 Posted: 10:15 BJT(0215 GMT) Xinhuanet |
HONG KONG, Aug. 17 (Xinhuanet) -- Leading communications provider in Hong Kong PCCW Limited announced Wednesday that it has signed aconditional agreement to sell approximately 12.1 percent stake in Mobile One Limited, one of its three mobile telephone operators in Singapore.
The purchase is being made by SunShare Investments Ltd, a jointventure between TM International Sdn Bhd and Khazanah Nasional Berhad. The official approval from the Info-communications Development Authority of Singapore is expected by the end of September 2005.
The consideration will be 1.33 US dollars per share, being 157.1 million US dollars in total.
PCCW said the sale was in line with its policy of selling non-core assets. The communication giant will receive approximately 77million US dollars through the sale.
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