PCCW to raise up to HKD 11 bln from telecoms IPO

News General Hong Kong 9 NOV 2011
PCCW to raise up to HKD 11 bln from telecoms IPO
PCCW has issued an updated prospectus and price range for the planned listing of its Hong Kong telecoms business. The company plans to sell units in the trust at HKD 4.53-5.38 each. This would give the company a market capitalisation of HKD HKD 29.1-34.5 billion, excluding the over-allotment option, and the proceeds from selling 32 percent of the unit shares would be HKD 9.3-11.0 billion. If the over-allotment option is exercised, PCCW's stake in the company would drop to 59.9 percent. PCCW is expected to use the proceeds from the listing to pay off debt.

Categories:

General

Companies:

PCCW

Countries:

Hong Kong

Tags:

Voice services, Shareholders & subsidiaries, Internet Access, Corporate strategy, Financial funding, M&A buyouts & divestments

Related Articles

HONG KONG 29 SEP 2014

HKBN to launch to USD 500 mln IPO in H1 2015 - report

Hong Kong-based fibre network operator Hong Kong Broadband Network (HKBN) plans to launch an initial public offering of up to USD 500 million (approximately GBP 306.34 million) in the first half of 2015, IFR reports, citing unnamed sources with direct knowledge of the plans. According to the same source, HKBN has already invited interested banks to pitch on a role in the planned IPO. The deadline for proposals has been set for the end of next week.

HONG KONG 23 NOV 2011

PCCW prices Hong Kong telecoms IPO at bottom of range

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 Lim

HONG KONG 15 NOV 2011

PCCW unveils further IPO details

Hong Kong communications firm PCCW is going ahead with the listing of its Hong Kong telecoms business on 29 November and expects to raise around HKD 9.64 billion. 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 will offer 2.05 billion share stapled units, which includes an international offer of 1.85 billion units and a Hong Kong offer of 205.34 million share stapled units. Th

HONG KONG 30 OKT 2011

PCCW begins process for listing business trust

Hong Kong communications firm PCCW has said that 8 November is the last day for investors wanting to buy preferential units of the company's telecommunications trust, which will be listed shortly, to buy shares in PCCW. To be eligible for the units in the new business trust, investors must be shareholders in PCCW. The company recently started gauging investor interest for the listing of its telecommunications assets as a business trust, Dow Jones Newswires reports citing sources familiar with the matter. Th

HONG KONG 12 OKT 2011

PCCW shareholders approve telco spin-off

Shareholders of Hong Kong communications provider PCCW have approved the company's plan to spin-off telecommunications assets in a business trust. The timing of the listing of the trust will depend on market conditions. "We will only list the (trust) when we are able to create new value for our shareholders," Li told the meeting, Dow Jones Newswires writes. Proceeds from the listing will help the company pay off debt and allow it to develop its media and IT solutions business.

HONG KONG 27 SEP 2011

PCCW to raise over HKD 10 bln in business trust listing

Hong Kong communications provider PCCW could raise over HKD 10 billion from the proposed listing of its telecommunications business trust. PCCW will sell a 25 percent stake in the trust, which includes fixed-line, broadband internet, and mobile phone services, while the company will retain its pay-TV and computer services operations. PCCW may sell 36.7 percent of the units in the HKT Trust if the over-allotment option is exercised, increasing the proceeds by HKD 1.6 billion. PCCW plans to use the proceeds t

HONG KONG 1 SEP 2011

PCCW aims to list telecom business trust in October - report

Hong Kong communications provider PCCW is planning to list its telecommunications assets as a business trust in late October to raise up to USD 2 billion. The company is expected to seek approval for the initial public offering from Hong Kong's stock exchange shortly, Bloombert reports citing unnamed sources with knowledge of the matter. PCCW will sell a stake in the trust, which includes fixed-line, broadband internet, and mobile phone services, while the company will retain its pay-TV and computer service

HONG KONG 15 AUG 2011

PCCW still targets Q4 for spin-off plan

Hong Kong telecommunications firm PCCW is still planning to go ahead with its plan for a proposed spin off its telecommunications business into a separately listed business trust before the end of this year. The company's spin-off plan has been approved by the Hong Kong stock exchange but is still awaiting approval from the Securities and Futures Commission. Despite recent market volatility, PCCW is still aiming targeting the fourth quarter, Reuters reports citing Alexander Arena, PCCW's group managing dire

HONG KONG 6 JUN 2011

PCCW allowed to spin off telecom business

Hong Kong telecommunications firm PCCW has been granted approval to spin off its telecommunications business into a separately listed business trust. The proposal was earlier rejected by the stock market regulator but the company has made some changes to the plan, which has now been approved by the Listing Committee. The major change to the proposal included a specific commitment to retain the solutions business within the group for at least three years. PCCW intends to dispose of only a minority stake in t

Just In

09:49

Motorola debuts high-end Edge Pro 70 and mid-range Moto G87 handsets

09:44

NEC annual telecom profits fall after restructuring, lower revenues

09:38

Egyptian govt and Intel discuss MoU to enhance digital cooperation

09:27

Zimbabwe's active mobile phone subscriptions rise 2% in Q4

Commentary

20 APR 10:36

Netflix back to organic growth and doing just fine

11 FEB 12:29

Odido shareholders face tricky exit after abandoned IPO

2 FEB 13:49

KPN results show little bother from the competition

2 JAN 13:21

Open Dutch Fiber's new management team takes up turnaround challenge

Background

27 APR 14:33

Virgin Media O2: from coax to fibre and 80% coverage in 2028

26 APR 23:04

The week in telecoms: sovereign hopes take hold in Europe and Apple confirms new CEO

19 APR 23:04

The week in telecoms: SFR takover moves ahead, Amazon bags Globalstar and Netgear in favour in US

12 APR 23:28

The week in telecoms: Samsung profits soar, Netflix targets kids and telcos build defence vertical

Complete profile

Before downloading the whitepaper, we would like to ask you to complete your profile with company and position. After confirming you will receive the white paper.