PCRD up 15% on news of associate's stake sale

Singapore

PACIFIC Century Regional Developments (PCRD) shares went up 14.7 per cent, or five cents, to close at 39 Singapore cents on Monday, after its Hong Kong-listed associate PCCW said that it would sell its stake worth HK$8.53 billion (S$1.8 billion) in HKT Trust & HKT Ltd (HKT), Hong Kong's largest telecoms company.

In a strategic shift towards core media and solutions businesses, billionaire Richard Li's PCCW will sell 840.7 million shares of HKT for HK$10.15 apiece, 8.4 per cent lower than the last closing price. Mr Li is also chairman of Singapore-listed PCRD. Last year, telecom services accounted for approximately 82 per cent of PCCW's revenue.