Richard Li, chairman of Hong Kong's main telecom firm, PCCW, has sold 23 percent of PCCW held by his Singpaore-listed Pacific Century Regional Developments at 6 Hong Kong dollars per share to Hong Kong financier Francis Leung Pak-to.

RTHK reported on Monday that speaking after a deal was struck, Li said 3 percent of shares he held personally would not be part of the transaction.

He said as PCCW chairman for six years, he felt pleasure to provide quality service to Hong Kong citizens.

Leung said at a press conference that he was confident about the prospects of the PCCW.

He would make the purchase through his wholly-owned investment company Fiorlatte. A deposit of 500 million HK dollars (64.10 million U.S. dollars) was paid on Monday with the remaining consideration paid in three tranches. All the payments will be paid within 18 months.

Source: Xinhua