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In April 1979, PCCW Ltd was incorporated as a Hong Kong company with limited liability under the name Ring Holdings Ltd and subsequently changed its name to Tricom Holdings Ltd. Until mid-1999, the company was primarily engaged in the marketing, sale, and provision of technical support for telecommunications and data communications products. In August 1999, pursuant to a group restructuring, the Pacific Century Group acquired a substantial interest in Tricom. At the time of the acquisition, the Pacific Century Group was a group of companies controlled by Richard Li, or companies over which Mr Li had a significant influence. In connection with the restructuring, Tricom transferred all of its then urrent businesses, other than its customer premises equipment (CPE), business, to its former principal shareholder. The company changed its name to Pacific Century CyberWorks Ltd and acquired a 60% equity interest in Pacific Convergence Corporation Ltd (PCCL) from the Pacific Century Group. Pacific Century CyberWorks Ltd also acquired PCCW Properties Ltd, a holding company that develops and invests in commercial and residential real estate projects in Hong Kong and the Peoples Republic of China.
In August 2000, Pacific Century CyberWorks acquired HKT, previously known as Hong Kong Telecommunications Ltd and subsequently known as Cable & Wireless HKT Ltd, Hong Kong’s leading provider of telecommunications services. At the time of HKT’s acquisition, HKT’s communications-based businesses consisted of local and international voice and data communications services, mobile services, and Internet and e-commerce services. HKT is now an indirect whollyowned subsidiary of PCCW. PCCW’s major operating subsidiary is HKTC, which was acquired as part of the acquisition of HKT. On August 9, 2002, Pacific Century CyberWorks changed its name to PCCW Ltd in order to align the legal name of PCCW with its logo and brand. Its Chinese name remains unchanged.
HKTC was incorporated as a private limited company in Hong Kong in 1925 to acquire part of the business of China and Japan Telephone and Electric Co Ltd, which had operated Hong Kong’s first public telephone services since 1882. In the same year, HKTC was awarded the sole right to provide Hong Kong’s local telephone services for 50 years. This right was subsequently extended to 1995. Following the expiration of HKTC’s monopoly on fixed-line telephone services in Hong Kong in 1995, OFTA issued a non-exclusive FTNS licence to HKTC and three other companies to provide fixed telecommunications network services on a competitive basis.
In February 2001, PCCW formed a strategic alliance with Telstra, which provided for, among other things, the formation of Reach and the purchase by Telstra of a 60% interest in Joint Venture (Bermuda) No.2 Ltd (Regional Wireless Company, or RWC). Reach is a 50:50 joint venture between Telstra and PCCW and is a wholesale provider of voice, data, and Internet connectivity services in the Asia-Pacific region. RWC owns the Hong Kong wireless communications business contributed by PCCW. After Telstra’s purchase, PCCW owned the remaining 40% of RWC until it sold it to Telstra in June 2002. In April 2005, PCCW agreed with Telstra and Reach on a new operating model under which Reach would operate as an outsourcer of telecommunications network services for the PCCW group and the Telstra Group.
In May 2004, PCCW sold to Dong Fang Gas Holdings Ltd (DFG) the property assets and related businesses of its Infrastructure division, comprising Pacific Century Place Beijing, PCCW Tower, Paramount Building, and the development rights in Cyberport. The consideration of HK$6,557 million was satisfied by the issue to PCCW of HK$2,967 million in shares of DFG (representing approximately 93.42% of the increased share capital of DFG following such share issue) and HK$3,590 million in notes convertible into DFG shares. After the sale, DFG was renamed Pacific Century Premium Developments Ltd (PCPD). As at April 30, 2005, PCCW Ltd held 61.66% of the issued share capital of PCPD as a result of share disposals in April, October, and November 2004 and the conversion in March 2005 of a HK$1,170 million convertible note into shares of PCPD, being one of two convertible notes received in the sale to DFG. In February 2005, Partner Link, a wholly-owned subsidiary of PCPD, sold PCCW Tower for HK$2,808 million.
PCCW is the largest telecommunications service provider in Hong Kong and an integrated communications provider in Asia. In addition, PCCW has growing business interests in mainland China and the UK.
The principal activities of the group are the provision of local and international telecommunications services, Internet and interactive multimedia services, the sale and rental of telecommunications equipment, and the provision of computer, engineering, and other technical services, mainly in the Hong Kong Special Administrative Region. In June 2005, PCCW re-entered Hong Kong's mobile communications sector with the acquisition of a majority interest in SUNDAY Communications.
PCCW's main act
Publication Date: October 2005
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