court-approves-pccw-privatisation-but-questions-linger

Court approves PCCW privatisation, but questions linger

Richard Li's plan to take PCCW private is approved by a Hong Kong court, but an appeal is still outstanding, raising doubts about whether the proposal can meet its deadline.

Richard Li, chairman of PCCW, scored a victory yesterday when a Hong Kong judge ruling on the scheme of arrangement by which a delisting of the company will be effected found no evidence that a shareholder vote in February was rigged. She therefore ruled that the delisting should proceed. However, the Hong Kong securities watchdog, the Securities and Futures Commission SFC was allowed an appeal that will be heard on April 16.

The HK$28.6 billion $3.7 billion offer to take PCCW private was tabled in November by Richard Li's Singapore-listed holding company, Pacific Century Regional Developments, and its subsidiary Starvest, together with China Netcom, a wholly owned subsidiary of China United Network...

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