PCCW to Buy 50% of CNCBB

PCCW IMS China acquires 50% stake in CNCBB from China Netcom

August 26, 2005

1 Min Read

HONG KONG -- PCCW IMS China, an indirect wholly-owned subsidiary of the Company, entered into theFramework Agreement on 25 August 2005 to acquire from the China Netcom Group 50%of the registered capital of CNCBB, subject to the completion of the CNCBBReorganisation and in accordance with the terms of the Framework Agreement as moreparticularly described in this announcement.

CNC BVI, an indirect wholly-owned subsidiary of China Netcom, is a substantialshareholder and connected person (as defined in the Listing Rules) of the Company.Accordingly, the China Netcom Group and CNCBB are connected persons of the Companyunder Chapter 14A of the Listing Rules.

The transaction contemplated by the Framework Agreement constitutes a connectedtransaction of the Company which is subject to the reporting and announcementrequirements but is exempted from the independent shareholders’ approval requirementsunder Rule 14A.32 of the Listing Rules.

The Company announced that PCCW IMS China, an indirect wholly-owned subsidiary of theCompany, entered into the Framework Agreement with China Netcom and CNCBB on 25August 2005 whereby PCCW IMS China will acquire from the China Netcom Group 50% ofthe registered capital of CNCBB, subject to the completion of the CNCBB Reorganisationand in accordance with the terms of the Framework Agreement as more particularly describedin this announcement.

PCCW Ltd.

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