BRIEF-PCCW Announces Formation Of JV With Standard Chartered And CTRIP
March 27 (Reuters) - Pccw Ltd:
* ANNOUNCES FORMATION OF JOINT VENTURE WITH STANDARD CHARTERED AND CTRIP TO ESTABLISH A VIRTUAL BANK IN HONG KONG
* UNITS OF HKT AND PCCW ENTERED INTO SUBSCRIPTION AGREEMENT WITH SC DIGITAL, STANDARD CHARTERED AND CTRIP SUB FOR JV FORMATION
* BUSINESS WILL BE CONDUCTED BY SC DIGITAL AS JOINT VENTURE COMPANY
* HKT SUB AND PCCW SUB HAVE AGREED TO INVEST UP TO FURTHER AMOUNT OF ABOUT HK$239.3 MILLION AND HK$159.5 MILLION, RESPECTIVELY
* PCCW SUB HAS AGREED TO SUBSCRIBE FOR 16.1 MILLION ORDINARY SHARES IN SC DIGITAL FOR ABOUT HK$161.1 MILLION
* HKT SUB AGREED TO SUBSCRIBE FOR 24.2 MILLION ORDINARY SHARES IN SC DIGITAL FOR AGGREGATE PRICE OF ABOUT HK$241.6 MILLION Source text for Eikon: Further company coverage:
