Chunghwa Telecom President: No Plan to Buy Stake in PCCW's HKT

TAIPEI -(Dow Jones)- Chunghwa Telecom, Taiwan's largest phone company by revenue, has no immediate plan to buy a stake in PCCW's HKT Group Holdings, Chunghwa President Shaio-Tung Chang said Monday.

"We are of course open to any investment proposals, but right now, we are not studying any plan to take over PCCW's stake in HKT at all," said Chang.

"Even if we ever change our mind in future and consider such a plan, it will probably take place in the very distant future."

Chang's comments follow a Commercial Times report earlier Monday, which said Chunghwa Telecom is evaluating a plan to buy a stake of around 5% in PCCW's HKT. The report didn't cite any sources.

In July, PCCW Managing Director Alex Arena said the company hopes to conclude the sale of a stake in HKT, which holds PCCW's telecommunications, media and information-technology assets, by the end of this year.

Hong Kong's dominant fixed-line operator is seeking around US$2.5 billion from its sale of a 45% stake in HKT, people familiar with the situation told Dow Jones Newswires in July.

-By Wei Yi Lim, Dow Jones Newswires; 88622 502-2557; weiyi.lim@dowjones.com

(END) Dow Jones Newswires

Posted to the site on 1st September 2008