Richard Li, who owns 75 per cent of the stock in Pacific Century Regional Developments (PCRD), has been barred from voting on the proposed $1.2 billion sale of his company’s 23 per cent stockholding in Hong Kong’s leading telecommunications firm, PCCW.

Richard Li, who owns 75 per cent of the stock in Pacific Century Regional Developments (PCRD), has been barred from voting on the proposed $1.2 billion sale of his company’s 23 per cent stockholding in Hong Kong’s leading telecommunications firm, PCCW. The decision provides minority shareholders in Li’s Singapore-listed holding company with additional voting power.

The move was enacted as Singapore’s stock exchange had not received a guarantee from Li Ka-shing, Li’s father, that he would not be involved in the consortium looking to purchase PCCW.

In the absence of such an assurance, Singapore Exchange (SGX) ruled that Richard Li must refrain from exercising a shareholder’s vote on the transaction.