Li, China Unicom offer $1.9b to take PCCW private

Hong Kong tycoon Richard Li and China Unicom yesterday said they would offer $1.9 billion to take Li's Hong Kong telecommunications company PCCW Ltd private.

Li's Singapore-listed company Pacific Century Regional Development Ltd (PCRD) and China Network Communications Group, now owned by China Unicom following the country's recent telecom restructuring, will offer HK$4.20 a share to buy out the 52 percent of the stocks owned by other investors in PCCW, according to a filling to the Hong Kong Stock Exchange.

The price represents a 53 per cent premium on PCCW's last close of HK$2.75 before the shares were suspended from trading on Oct 14.