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Hong Kong regulator gives thumbs up to PCCW privatisation

by Staff Writers
 Hong Kong (AFP) Dec 23, 2008
 Hong Kong's telecoms regulator said Tuesday it had given the green light for PCCW's 15.5 billion Hong Kong dollar (1.9 billion US) plan to buy out its minority shareholders.

"The Telecommunications Authority has formed an opinion that the proposed privatisation would not have, or would not be likely to have, the effect of substantially lessening competition in a telecommunications market in Hong Kong," a spokesman for the Office of the Telecommunications Authority said.

"Accordingly, the Telecommunications Authority has given consent to the proposed privatisation."

PCCW, the city's main fixed-line operator, and China Netcom have offered minority shareholders 4.20 dollars a share to take the firm private.

Shareholders are scheduled to vote on the proposal on December 30. The proposal needs the support of 75 percent of shareholders to pass, but some have voiced disquiet, suggesting the offer price is too low.

The company's biggest shareholder is its chairman Richard Li.

PCCW said in October it wanted to take the company private because the shares had not performed "satisfactorily."

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POLITICAL ECONOMY
Unisys cuts 1,300 jobs, suspends raises
 Washington (AFP) Dec 22, 2008
 US technology firm Unisys Corp. announced Monday it was cutting 1,300 jobs as part of a series of cost-savings moves aimed at saving over 225 million dollars a year.






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