A Hong Kong court on Monday cleared Richard Li’s protracted attempt to buy out
PCCW, his telecommunications company, striking down calls from the market regulator to block the $2bn deal.PCCW, his telecommunications company, striking down calls from the market regulator to block the $2bn deal.
But
the Securities and Futures Commission said it would appeal against the
judge’s decision to allow the buy-out offer from Mr Li, PCCW chairman,
and China Unicom, the second largest shareholder, because of allegations of improper share transfers. In
a February meeting, minority shareholders voted in favour of a $4.50
offer. But SFC investigators moved in after the poll, seizing voting
records.
In
rejecting the SFC’s arguments, Justice Susan Kwan said Monday: “I am
satisfied that the shareholders
...
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