Tuesday, August 24, 2010

PCCW slumps 10.1% on share sale

HONG KONG: Shares of PCCW Ltd, Hong Kong's dominant fixed-line telephone operator, fell more than 10 percent on Tuesday morning, Aug 24 after the company priced an offering of new shares at a discount.

The company said it would sell HK$1.3 billion (US$167 million) worth of new shares to cut debt.

The issue price of HK$2.60 represents a discount of 9.4 percent to the Monday closing price. Morgan Stanley is handling the placement. - Reuters

No comments:

Post a Comment