Pacific Century defers redemption of 88m preferred shares by 6 months

PCCW (0008) major shareholder Pacific Century Regional Development announced that it deferred the redemption of 88 mln preferred shares from chairman Richard Li. Among the batch of preferred shares which will be mature next Tuesday, 26.4 mln shares had been redeemed by Pacific Century Regional Development at US$1.16 each plus per share interest of 2 US cents, involving US$243 mln. Pacific Century Regional Development reached agreement with Richard Li on Tuesday and the latter agreed to delay the redemption of the remainder of 61.58 mln preferred shares involving US$560 mln by six months.

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