PCCW Says Proposed Trust Listing May Raise HK$10 Billion

PCCW Ltd., Hong Kong’s biggest phone company, said it may raise more than HK$10 billion ($1.3 billion) from the proposed listing of its telecommunications business trust to repay debt and fund investments.

PCCW may sell 36.7 percent of the units in HKT Trust in an initial public offering to raise the money, and the total may be boosted by HK$1.6 billion if the over-allotment option is exercised, it said in a statement yesterday. The planned spinoff is “subject to market conditions,” PCCW said.