HONG KONG: PCCW Ltd, the territory's dominant fixed-line phone company, said yesterday that talks on selling a stake in its core subsidiary to China Netcom are at an advanced stage, boosting the unit's bonds on hopes that a deal would cut debt.
The Oriental Daily newspaper said on Monday that PCCW would sell about half its wholly owned subsidiary, PCCW-HKT Telephone Ltd, to China's No. 2 fixed-line phone carrier for up to HK$30bil (US$3.85bil) cash.
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