PCCW has priced its Hong Kong telecoms unit at the low end of the earlier indicated range. The spin-off onto the Hong Kong stock exchange of the trust company was priced at HKD 4.53 per unit, the bottom of the earlier range of HKD 4.53-5.38. This gives the new company a market capitalisation of around HKD 29.1 billion. The units are expected to start trading on 29 November. Each share stapled unit comprises a unit of HKT Trust, a preference share in HKT Limited, and an interest in ordinary shares of HKT Limited held by the trustee manager. The company is selling 2.05 billion units, which includes an international offer of 1.85 billion units and a Hong Kong offer of 205.34 million. Proceeds from the sale, before the exercise of the over-allotment option, will be HKD 9.3 billion.
