Batelco mulling STel stake sale

PCCW has reportedly received approval from the Hong Kong stock exchange for its plan to raise up to USD2 billion by spinning off and listing its core telecoms assets as a business trust, reports Dow Jones Newswires. However, the operator still requires shareholder approval for the proposal, and the telco has released a statement prompted by the media reports warning shareholders and potential investors that ‘there is no assurance that the proposed spin-off will necessarily proceed.’ Its statement confirmed that: ‘on 8 September 2011 the Listing Committee reviewed the application for the separate listing of the telecommunications business on the stock exchange. [More]

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