UPDATE 1-PCCW unit to sell 40% stake in Regional Link Telecom Services for $870 mln

Reuters06-26

(Adds background and details in paragraphs 2-7)

June 26 (Reuters) - Investment holding company PCCW

said on Wednesday it would sell a 40% stake in Regional Link Telecom Services through a unit for $870 million to CM Capital.

PCCW unit HKT Trust And HKT will also enter into a partnership with CM Capital under the deal to grow its network business and share capital expenditure for future expansion.

Regional Link Telecom Services, a wholly-owned subsidiary of HKT, owns Passive Netco, which supplies fibre connection services in Hong Kong and the Greater Bay Areas.

The deal comes at a time when organisations are increasing new technology adoptions to capitalise on artificial intelligence boom.

The partnership will help HKT to expand its passive infrastructure business to support new service offerings and reach new geographic areas, PCCW said.

Under the deal, Passive Netco will help HKT to provide copper and fibre-based connection services to users.

(Reporting by John Biju in Bengaluru; Editing by Shinjini Ganguli and Subhranshu Sahu)

((John.Biju@thomsonreuters.com;))

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