Richard Li pave way for selling PCCW
Hong Kong tycoon Richard Li took another step to promote the sale of his controled-shareholder interest in the fixed-line phone operator PCCW, through arranging a deal to make US private assets operator TPG-Newbridge retreating from the bid for a Singapore controled-share company.
Singapore-listed Pacific Century Regional Developments Ltd (PCRD) said in a announcement later Tuesday Pacific Century Group (PCG), controled by Richard Li, paid for a certain money in attempt to modify the term which TPG took a proposal to acquire 25% interest of PCRD.
Li owns 75％ shares of PCRD by a controled-share company, while PCRD owns 23% shares of PCCW.
If the deal succeed, PCRD will advance the vote for selling its PCCW's interest, which will be sold to a consortium led by HK banker Francis Leung Pak-to with HK$9.16 billion.
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