PCCW's proposed spin-off of telecom assets draws closer

The stock exchange is said to have given its nod to the listing through a trust and PCCW is expected to call an EGM in the next few weeks to seek approval from its shareholders for the spin-off.

More than a decade after PCCW bought Cable Wireless’s Hong Kong telecoms business in a high-profile and highly leveraged transaction, it is getting ready to spin off the asset in the form of a dividend-paying trust that could raise as much as $2 billion.

In June it announced that Hong Kong Exchanges Clearing HKEx had approved the proposed spin-off of its telecoms business by way of a listing of a business trust and on Thursday last week it confirmed that its application for a listing had been reviewed by HKEx’s listing committee, suggesting it is on the final leg of the preparations for an IPO.

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