Telefonica, Li Ka-shing to join HK financier in buying 22.65 pct of PCCW

HONG KONG (XFN-ASIA) - Hong Kong financier Francis Leung said Spain's Telefonica SA and two Li Ka-shing foundations are among the entities that will join him in buying 22.65 pct of PCCW Ltd from Li Ka-shing's son, Richard Li.

The younger Li holds the PCCW stake through Singapore-listed Pacific Century Regional Development (PCRD).

In a statement released over the weekend, Leung said Telefonica will buy an 8 pct stake in PCCW while the Li Ka-shing Foundation Ltd and Li Ka-shing (Canada) Foundation will take a combined 12 pct stake in the Hong Kong fixed-line carrier.

Source: Telefonica, Li Ka-shing to join HK financier in buying 22.65 pct of PCCW - Forbes