China Netcom's Board of Directors has given consent to the Netcom's parent company, China Network Communications Group Corporation, in relation to the subscription agreement that it has entered into with PCCW Limited (0008.HK).

It was announced last week that China Netcom has entered into a subscription agreement with PCCW to subscribe for new shares in PCCW representing 20% of the enlarged issued share capital of PCCW.

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