PCCW pre-markets telco spinoff
PCCW has started pre-marketing a planned HK$7.15bn ($916.9m) spin-off of its telecommunications business. The company is selling 25% of its largest business, using a trust-like structure that will be a first for Hong Kong.
The company and its bankers started meeting investors on Tuesday, but so far have no set timetable for launching the deal. This has become a common feature over the last few months, as companies have been unwilling to bind themselves to timelines amid huge market volatility.
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