HONG KONG: PCCW Ltd, which is controlled by Hong Kong tycoon Richard Li, and Australia’s Telstra Corp Ltd have slashed US$1.65bil off the value of their undersea-cable joint venture as reduced demand and pricing competition hit revenues.
PCCW said yesterday it would cut the value of its stake in Reach, a 50:50 Internet infrastructure alliance with Telstra, and book a one-time loss of HK$8.26bil (RM$4.18bil) on the three-year-old investment.
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