Global financial woes have hit Hong Kong's PCCW as it announced it is discontinuing the bidding process for the acquisition of up to a 45% interest in HKT Group Holdings Limited.

PCCW received formal proposals from several bidders for the acquisition of the minority stake of HKTGH, but the recent market downturn has significantly impacted the offers received. PCCW's unanimously approved the discontinuation of the HKTGH auction process, as the company does not believe the proposals are sufficiently attractive. HKTGH will remain fully owned by PCCW Limited.

PCCW says it still plans to proceed with its previously announced reorganization of the businesses under HKTGH and to draw down on the new HKD23.8 billion loan facility recently obtained by the company.