PCCW !
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& Wireless HKT said Pacific Century CyberWorks
<1186.HK> (PCCW) has made no firm proposal in its
approach to C&W HKT's British parent for a possible
merger with the Hong Kong unit. "C&W HKT's directors wish to emphasise that no offer
has been made to the company and there is no certainty that any firm proposal will be
made by PCCW," C&W HKT said in a statement late on Saturday.
The financial advisers of C&W HKT and PCCW had met to discuss the proposal but
PCCW had made no offer, C&W HKT said. C&W HKT has applied to the stock
exchange for trade in its shares to resume on Monday after being suspended on Friday at
the firm's request.
On Friday, Britain's Cable & Wireless Plc had said PCCW had told it it planned to
propose a merger with the firm's 54 percent Hong Kong subsidiary.
C&W HKT said it received a copy of a letter from PCCW telling Cable & Wireless it
intended to propose a merger with C&W HKT. C&W HKT said it was continuing talks
with its parent and Singapore Telecommunications Plc (SingTel) over a possible merger
with SingTel.
((Hong Kong Newsroom, +852 2847 4017, fax +852 2845 0636
hongkong.newsroom@reuters.com)) .