HONG KONG — The Singapore Exchange has barred Richard Li Tzar-kai from voting on the $1.17 billion sale of his 23% stake in media and telco operator PCCW.
Ruling came after the exchange said it had not received a guarantee that Li Ka-shing, Li Tzar-kai’s father and Hong Kong’s richest man, would not be involved in the consortium trying to buy PCCW.
Consortium is headed by former investment banker Francis Leung Pak-to.
Li Ka-shing put up the money for Leung’s $64.1 million deposit on the deal but denies any further interest or involvement.
Independent shareholders will vote on the sale at the end of the month.
— Vicki Rothrock