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November 27, 1988

STRONG DEMAND FOR THE SECONDARY ISSUE OF SHARES IN HONG KONG TELECOM

By CBR Staff Writer

The secondary issue of shares in Hong Kong Telecommunications Ltd – to come in equal parts from the holdings of Cable & Wireless Plc and the Hong Kong government – has generated so much interest from US investors that the indicated number of shares to be issued given in the pathfinder prospectus – between 6.4% and 7.1% – may be raised to between 7% and 9% to meet the unexpectedly strong demand; the shares will come in equal parts from each of the holdings – Cables has 79%, the government 11%, the rest are in the market, and the original aim had been to halve the government holding to 5.5%, with Cables also selling that amount – but that idea was squelched by Meltdown Monday.

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