PCCW has unveiled plans to restructure its telecom group into a separate firm, paving way for a sale of its core assets.

PCCW said Thursday it would group its main telecoms services, media and IT solution divisions into a new firm called HKT Group Holdings Ltd, and invite proposals from bidders to acquire up to 45% of the new company.

It is the latest move by chairman Richard Li to sell off the company’s assets, which he acquired for $28 billion eight years ago. Chinese authorities are believed to have blocked his attempted sale two years ago to foreign investors for $7 billion.

The operator said the reorganization would improve PCCW’s efficiencies and will consolidate all components of the group’s quadruple-play offering, under a single holding company with simple corporate structure which would facilitate a future listing.

PCCW closed 9.4% higher to HK$5.10 after announcing the restructuring plan.

Source:telecomasia.net