Singapore Exchange bars voting

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

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Scene News from Variety

Loading