Fearing that dumping 11% of the equity of Hong Kong Telecom in one go would swamp the Hong Kong Stock Exchange, Cable & Wireless Plc and the government of the Crown Colony have scaled down their proposed offering of shares in the company – now set for September or October, to 5% now, half coming from Cables, half coming from the government, and will put out more in two years’ time. The offer of shares will now be worth nearer UKP250m than UKP500m.
