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Billionaire Li’s PCCW, Pacific Century Premium Suspend Trading

Pedestrians walk past a PCCW Ltd. store in Hong Kong. Photographer: Lam Yik Fei/Bloomberg
Pedestrians walk past a PCCW Ltd. store in Hong Kong. Photographer: Lam Yik Fei/Bloomberg

Jan. 13 (Bloomberg) -- PCCW Ltd., controlled by billionaire Richard Li, and its property unit Pacific Century Premium Developments Ltd. halted their shares from trading in Hong Kong.

Pacific Century Premium plans to release a statement relating to “inside information and unusual price and trading volume movements,” the company said in a filing today. Shares of the Hong Kong-based property developer surged 15 percent to HK$3.07 before the trading halt.

Li’s PCCW agreed in 2008 to buy the shares of Pacific Century Premium it didn’t own for HK$2.85 apiece, or HK$2.64 billion ($340 million), a bid that was rejected by minority investors.

Ivan Ho, PCCW’s corporate communications manager, declined to comment on the trading halt today. Alfred Siu, a spokesman at Pacific Century Premium, declined to comment beyond the stock exchange statement.

Pacific Century Premium said in October it was approached by potential buyers for its stake in Pacific Century Place in Beijing.

PCCW’s HKT Ltd. unit agreed in December to buy Telstra Corp.’s Hong Kong mobile-phone business for $2.43 billion.

To contact the reporters on this story: Simon Lee in Hong Kong at slee936@bloomberg.net; Jasmine Wang in Hong Kong at jwang513@bloomberg.net

To contact the editor responsible for this story: Michael Tighe at mtighe4@bloomberg.net

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