Hong Kong's PCCW to list telecoms arm, raise up to HK$10 billion

Hong Kong telecommunications and media firm PCCW Ltd will spin-off and list its telecom assets to raise up to HK$10 billion, it said in a filing to the Hong Kong stock exchange on Sunday.
PCCW expects a minimum market capitalisation of HK$28.6 billion for the new entity in which it would retain ownership of at least 55 to 70 percent.
PCCW said the listing of its telecommunications business would be in the form of a share stapled units structure, which would include a global offering of at least 25 percent of the share stapled units.
There was no immediate indication of a timeframe for the listing which is expected to raise between HK$6.8 billion to HK$10 billion ($1.28 billion).
The spin-off plans were approved by the Hong Kong stock exchange earlier, but still need shareholder approval.