PCCW suspended in HKEX

Hong Kong- Trading in PCCW's shares has been suspended today following its withdrawal of the 45% asset share sale plan, claiming the sale price is undervalue.

In June this year, the group reorganized its core assets including telecommunication services, media and IT solutions business under the HKT Group, and intended to sell to investors.

Despite substantial interest and formal proposal from several potential bidders (whom PCCW refuses to disclose) for the deal, the board of PCCW claimed the recent market downturn has significantly impacted the offers and concluded that the proposals are "sufficiently attractive." Hence the assets will remain "fully owned by PCCW.

"We have a unique business in Hong Kong and we have a strong cash position in these turbulent times," Alex Arena, group managing director of PCCW, said.