PCCW raises more cash, this time by tapping the equity market

The telecom company sells $167 million of new shares barely a week after its $500 million bond offer. Meanwhile, GIC cashes in its remaining stake in Hong Kong-listed Ruinian.

PCCW, Hong Kong’s largest provider of telecom services, last night raised HK$1.3 billion $167 million from an upsized placement of new shares. The sale came less than a week after the company sold $500 million worth of 5.5-year bonds in its first foray into the international debt markets in five years.

Based on FinanceAsia records, it is even longer since the company tapped the equity markets, and observers noted that like the bond sale, last night’s trade was quite opportunistic and saw the issuer take advantage of a high share price at a time when there is also a strong demand for new paper among investors. However, PCCW does have holes to...

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