Richard Li, chairman of Hong Kong telecoms operator PCCW, said Thursday he was "as committed as ever" to the company despite seeing his attempt to sell his 23% stake in the firm for US$1.2 billion scuppered by shareholders. Minority shareholders in Pacific Century Regional Developments (PCRD), the Singapore-listed company through which Li holds his PCCW stake, voted against the sale, with some saying the deal was undervalued. Li, who owns 75% of PCRD, was not allowed to participate in the ballot because his father, tycoon Li Ka-shing, is part of the consortium looking to buy the controlling stake in PCCW. Li originally agreed to sell his PCCW shares to banker Francis Leung who then brought on board Spanish firm Telefonica and Li senior. Li first tried to sell his stake to foreign investors but this was blocked on nationalistic grounds by state-controlled China Netcom, which owns 20% of PCCW, the <i>Financial Times</i> reported.
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