HKT Acquisition in 2000
Initially, HKT owner Cable & Wireless entertained a bid from Singapore Telecom, chaired by Lee Hsien Yang, son of Singapore's former premier Lee Kuan Yew. But Central Government of the People's Republic of China was worried about Hong Kong's telecom system would fall into foreigner's hand. With the support of the loan from Hong Kong and Shanghai Banking Corporation and Bank of China (Hong Kong), PCCW, chaired by Richard Li, the younger son of tycoon Li Ka-shing, entered the scene and managed to outbid the Singaporean rival. But this brought PCCW to take high debt and sell assets to return the debt. Finally, PCCW's stock price dropped more than 98% after the Internet bubble burst.
Read more about this topic: Hong Kong Telecom
Famous quotes containing the word acquisition:
“Wars and revolutions and battles are due simply and solely to the body and its desires. All wars are undertaken for the acquisition of wealth; and the reason why we have to acquire wealth is the body, because we are slaves in its service.”
—Socrates (469–399 B.C.)