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PCCW (HKG:0008): 2010 results not affected by Reach's restructuring [Date:01-26-2011] Source: Infocast News PCCW Limited (HKG:0008), Telstra Corporation Limited and Reach Ltd. entered into arrangements that would, on completion, restructure the majority of Reach's operations, PCCW announced. The restructuring is expected to result in a clear division of the majority of Reach's assets and operations, aligning with the respective needs of each of Reach's shareholders. Reach would continue to manage certain assets and operations that would continue to serve both PCCW and Telstra, PCCW said. Reach is a 50/50 joint venture between PCCW and Telstra. The restructuring is expected to be completed in the first half of 2011 and is not expected to affect PCCW's 2010 final results. PCCW expects itself to benefit, operationally and financially, from the restructuring of Reach through increased operational efficiencies, which it expects to contribute towards a better operating margin and an enhanced competitive position in the market for international connectivity services. PCCW also expects to benefit from a recovery of certain assets that were previously invested in Reach.
NED Mico Chung reduced his long position in the company on January 23 from 0.11% to 0.09% by selling 1.06 million shares, according to the Stock Exchange's SDI information. The shares were traded at HK$0 per share on and off the Stock Exchange.