PCCW gets exemption from Exchange

Li Tzar Kai Richard, chairman of PCCW (0008), said he had already known that PCCW would become a negative equity company at the time of acquiring Hong Kong Telecom. He added that the company had got exemption from the Exchange and the approval from the board meeting was needed only when the turnover reached HK$2 bln.According to the rules, if a company becomes a negative equity company, any transaction might need to get approval from the board meeting.

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