PCCW stock declines on Leung deal

Richard Li exits and Leung acquires asset on which he has to book loss on day one.

Late on Monday, July 10 at a press conference Richard Li announced he had sold his 22.66% stake in PCCW to Francis Leung, ending weeks of speculation about what he intended to do with the company. Leung will acquire the stake in PCCW held by Singapore-listed Pacific Century Regional Developments PCRD at HK$6 $0.77 per share for a total consideration of about. HK$9.2 billion $1.2 billion. The price represented an 8% premium to PCCWÆs closing price...

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