PCCW says potential negative asset position disclosed in May last year

HONG KONG (AFX-ASIA) - Pacific Century CyberWorks Ltd said it had disclosed in May last year that the company could potentially end up with negative net assets following the acquisition of Cable & Wireless HKT.	    In a statement clarifying the waiver granted by the Stock Exchange of Hong Kong to the company to acquire or sell assets worth less than 2 bln hkd without seeking the approval of the exchange or shareholders, the company said it had made the disclosure in its composite document dated May 26, 2000.	    The company said following the acquisition of HKT, on the company's request, the stock exchange had agreed to waive the assets and consideration tests in determining the classification of notifiable transactions.	    The waiver however is subject to a 2 bln hkd cap on any sale or purchase of assets by PCCW.	    PCCW said the profits test and the equity tests in any purchase or sale of assets, as well as other relevant provisions of the listing rules, still continue to apply to all potentially notifiable transactions.	    The waiver however is subject to review by the exchange once the company has released its audited 2000 results.	    PCCW said it will seek such a review and "apply for such further waivers as may be appropriate."	    The company said other than the limited waiver, there are no other ongoing waivers granted to the company by the exchange. 

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