The Hong Kong-based fixed line carrier PCCW plans to combine its media and telecommunications businesses into a separate firm and sell 45 per cent of the new company to investors.

The Hong Kong-based fixed line carrier PCCW plans to combine its media and telecommunications businesses into a separate firm and sell 45 per cent of the new company to investors.

According to the company, this reorganisation may be carried out without the approval of company shareholders since it is an internal group shift with no change in the beneficial ownership of assets. The company intends to use the proceeds from the possible sale of stake for investments in further growth initiatives in telecommunications, media and technology.