HK's PCCW confirmed in talks to sell stake to CNC

Hong Kong telecom giant PCCW has confirmed it is in talks to sell part of its fixed-line telephone business to Chinese telecom operator China Network Communications.

The company says discussions with China Netcom are at an advanced stage but no definitive agreement has been signed by the parties. China Radio International reported Wednesday.

Media reports say PCCW is considering a 30-billion Hong Kong dollar or 3.8 billion US dollar deal for the sale of a 50-percent stake.

Analysts say PCCW's total fixed-line assets are believed to be worth around 45 billion dollars.

(CRIENGLISH.com)