PCCW Hong Kong has signed a formal agreement with China Netcom to acquire 50 per cent of the stake of China Netcom Broadband Corporation

PCCW Hong Kong has announced that it has signed a formal agreement with China Netcom to acquire 50 per cent of the stake of China Netcom Broadband Corporation (CNBC), an affiliate of China Netcom. The deal is worth RMB 318 million. PCCW will assign a financial supervisor and operation supervisor to take part in CNBC’s daily operations and may nominate members for the board of directors in proportion to the share it holds. The acquisition will be completed within one year.