PCCW places shares in property group

Telecom operator places shares at 40% discount to Net Asset Value.

PCCW took another step in the re-organization of its property assets on Thursday night with the sale of 237 million shares in Dong Fang Gas, which is being re-named Pacific Century Premium Development.

The placement was required to get the company's freefloat up to the 25% regulatory minimum and follows an announcement of the spin-off of PCCW's property assets into Dong Fang Gas in March. Pre sale, PCCW owned 93% of Dong Fang Gas and post sale will own 80%. The company is currently seeking a waiver from the Stock Exchange of Hong for the remaining 5%, which it hopes to sell over time.

Citigroup was lead manager of the...

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