Farewell PCCW
February 5, 2009
Nine years after PCCW paid HK$218bn (US$28bn) in cash and shares for Hongkong Telecom, then controlled by Cable & Wireless of the UK, minority investors met to approve a buy-out offer from Pacific Century Regional Developments, Richard Li's Singapore-listed holding vehicle, and China Unicom, PCCW's second largest shareholder.
The majority of voters backed the US$2bn, HK$4.50-a-share bid. In doing so they ushered one of Hong Kong's most controversial companies off the public stage after a tumultuous decade.
At the peak of the dotcom bubble PCCW and Hongkong Telecom had a combined market capitalisation of HK$491bn. Prior to Wednesday's vote PCCW was valued at just HK$28.2bn.