PCCW, Hong Kong’s largest fixed line operator, has offered to buy all the network assets and business operations of Sunday Communications, the company in which it already owns 79.53 per cent, for HK$1.94 billion. While PCCW will pay HK$401.5 million in cash, it will provide a promissory note for the remaining.
The cash PCCW will pay for Sunday’s assets will be distributed to the latter’s shareholders. PCCW had earlier attempted to buy out Sunday’s assets in December 2005, but had failed to do so.
Under the latest offer, Sunday will effectively give up its business operations.
