PCCW shareholders approve HKT Trust spin-off

The vote paves the way for an IPO that could be the largest by a Hong Kong-based issuer in six years.

PCCW shareholders approve HKT Trust spin-off
PCCW’s Richard Li (AFP)

PCCW took a big step towards a separate listing of its telecommunications unit yesterday as shareholders voted for the proposed spin-off at an extraordinary general meeting. The bookrunners can now start the pre-marketing for the planned initial public offering, although sources said yesterday that a decision on when to launch has yet to be made.

The company and the banks involved are ready to go quickly though, and pre-marketing could start within the next couple...

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