Hong Kong Businessman Wants PCCW For HK$60 Billion

September 20, 2007 | Print | Email Email | Comments | Category: Business





    Wong Kam Fu, chairman of Hong Kong listed Smart Rich Energy Finance (Holdings) Limited, has announced plans to acquire the assets of PCCW for over HK$60 billion.

    Though PCCW says it has not yet received an offer, Wong says that they will conduct the transaction through a listed company and assign Societe Generale and Macquarie Bank as their financial consultants. He says that he is fully confident in receiving the support of PCCW's shareholders and investors on the acquisition which will result in a HK$6 per share for each of PCCW's shareholders.

    Wong says that he wrote to PCCW's chairman Richard Li about a week ago on the acquisition offer, but so far he has not received the latter's reply.

    As one of the largest communications service providers in Hong Kong, PCCW is reportedly worth a total of about HK$32.9 billion.

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