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.
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PCCW’s Richard Li (AFP) </div>
<div style="text-align:left;"> PCCW’s Richard Li (AFP) </div>

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 of weeks. And, given that investors are already familiar with the business, the entire IPO process will probably take no more than three weeks, the sources said.

The EGM approval coincided with...

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