Li’s PCCW sale nixed

Company chairman was barred from voting on sale

Minority shareholders in Singapore on Thursday overwhelmingly nixed Richard Li’s controversial HK$9.2 billion ($1.2 billion) sale of his 23% stake in PCCW, Hong Kong’s dominant telco and NOW Broadband TV operator.

The shares are held by Li’s Singapore-listed holding company Pacific Century Regional Developments and were to be bought by a group led by financier Francis Leung.

PCCW chairman Li was barred from voting on the sale after it was announced that his father, Li Ka-shing, Hong Kong’s richest man, was involved in the deal.

Leung would have kept 2.7%, which was in part funded by the elder Li, then Li’s Hong Kong and Canadian foundations would have taken 12% and Spain’s Telefonica would have had 8%.

If the deal had gone through, China Netcom Communications Group would have become PCCW’s major shareholder with its 20% stake.

“It is perhaps unfortunate that certain recent media reports and speculation have caused confusion among minority shareholders as to the rationale and overwhelming benefits of the transaction,” Leung said in a statement.

PCCW is one of the few congloms that offers a quadruple play of fixed and mobile telephony, broadband Internet and TV.

NOW, the world’s most successful Internet-based feevee platform, has more than 600,000 subscribers and is a major challenger to cablers in the pay TV sector.

More Biz

  • Randall Stephenson

    AT&T Begins PR Battle Against Justice Department From CNN News Room

    Minority shareholders in Singapore on Thursday overwhelmingly nixed Richard Li’s controversial HK$9.2 billion ($1.2 billion) sale of his 23% stake in PCCW, Hong Kong’s dominant telco and NOW Broadband TV operator. The shares are held by Li’s Singapore-listed holding company Pacific Century Regional Developments and were to be bought by a group led by financier […]

  • AT&T

    Writers Guild of America West Backs Blocking AT&T-Time Warner Merger

    Minority shareholders in Singapore on Thursday overwhelmingly nixed Richard Li’s controversial HK$9.2 billion ($1.2 billion) sale of his 23% stake in PCCW, Hong Kong’s dominant telco and NOW Broadband TV operator. The shares are held by Li’s Singapore-listed holding company Pacific Century Regional Developments and were to be bought by a group led by financier […]

  • Time Warner

    Justice Department Sues to Block AT&T-Time Warner Merger

    Minority shareholders in Singapore on Thursday overwhelmingly nixed Richard Li’s controversial HK$9.2 billion ($1.2 billion) sale of his 23% stake in PCCW, Hong Kong’s dominant telco and NOW Broadband TV operator. The shares are held by Li’s Singapore-listed holding company Pacific Century Regional Developments and were to be bought by a group led by financier […]

  • Get Out

    'Get Out,' 'Detroit,' Issa Rae, Jay-Z, Mary J. Blige Among Top NAACP Image Award Nominees

    Minority shareholders in Singapore on Thursday overwhelmingly nixed Richard Li’s controversial HK$9.2 billion ($1.2 billion) sale of his 23% stake in PCCW, Hong Kong’s dominant telco and NOW Broadband TV operator. The shares are held by Li’s Singapore-listed holding company Pacific Century Regional Developments and were to be bought by a group led by financier […]

  • Al Franken Kathy Griffin

    Al Franken Cut From PBS' David Letterman Special

    Minority shareholders in Singapore on Thursday overwhelmingly nixed Richard Li’s controversial HK$9.2 billion ($1.2 billion) sale of his 23% stake in PCCW, Hong Kong’s dominant telco and NOW Broadband TV operator. The shares are held by Li’s Singapore-listed holding company Pacific Century Regional Developments and were to be bought by a group led by financier […]

  • Russell Simmons, Bret RatnerVANITY FAIR OSCAR

    Brett Ratner and Russell Simmons Accused of Working Together to Carry Out Sexual Misconduct

    Minority shareholders in Singapore on Thursday overwhelmingly nixed Richard Li’s controversial HK$9.2 billion ($1.2 billion) sale of his 23% stake in PCCW, Hong Kong’s dominant telco and NOW Broadband TV operator. The shares are held by Li’s Singapore-listed holding company Pacific Century Regional Developments and were to be bought by a group led by financier […]

  • get out Oscar Race

    'Get Out' Awards Category Dilemma: Film Defies Easy Labels, Cast Says

    Minority shareholders in Singapore on Thursday overwhelmingly nixed Richard Li’s controversial HK$9.2 billion ($1.2 billion) sale of his 23% stake in PCCW, Hong Kong’s dominant telco and NOW Broadband TV operator. The shares are held by Li’s Singapore-listed holding company Pacific Century Regional Developments and were to be bought by a group led by financier […]

More From Our Brands

Access exclusive content