Ruling on PCCW case next week

HONG KONG: The court will rule on the PCCW privatization case next Monday, High Court Judge Susan Kwan said after the second day of hearings into the matter.

PCCW Chairman Richard Li offered shareholders a buyout price of HK$4.2 per share to privatize the Hong Kong-based telecom carrier last December. The offer price was later increased to HK$4.5 due to opposition from minority shareholders. The Securities and Futures Commission (SFC) began to investigate the transaction after alleged vote rigging took place at the PCCW shareholder meeting on Feb 4.

Earlier, the SFC revealed in court that PCRD Deputy Chairman Francis Yuen had contacted Fortis' Regional Head Lam Hau-wah before the key vote on the PCCW privatization plan on Feb 4.