State-owned telecommunications company China Everbright looks poised to take a stake in Hong Kong Telecommunications Ltd after CITIC Pacific, the second largest shareholder in the company, agreed in principle to sell its 7.74% holding, worth the equivalent of $1.47bn. The operator’s controlling shareholders, Cable and Wireless Plc, refused to make any comment on whether the deal had been finalized, but hailed Chinese state investment in Hong Kong Telecom as a positive move. Cable & Wireless dismissed yesterday’s suggestions that China’s Ministry of Post and Telecommunications and China United Telecommunications Corp were interested in acquiring a stake in the company as pure speculation.
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