Chunghwa Telecom Co. (CHT), Taiwan's largest telecommunications and Internet service provider, said it had no immediate plan in investing in HKT Group Holdings Ltd, a unit of PCCW Ltd<8>, said sources.

The clarification statement came after reports that the Taiwanese telecoms operator is considering purchasing a 5% stake in HKT Group for a total investment of about NTD 3 billion (RMB 800 million).

However, Zhang Xiaodong, General Manager with Chunghwa Telecom, noted in a filing with the Taiwan Stock Exchange that the company did not have any acquisition plan with First International nor in discussions on any appraisal.

Reports indicate that private equity investment companies Bain Capital and Carlyle Group entered the next round of bid for up to 45% stake in HKT Group. Other current bidders include Macquarie, South Korea's MBK, TPG, Providence Equity and Apax Partners. The acquisition program is scheduled to be finalized as early as late next month.

Blackstone, which had submitted an investment intention letter earlier, confirmed that it would retreat from the acquisition, according to industry sources.

Source:China Knowledge