Slaughter and May (Hong Kong) is advising PCCW Limited (PCCW) on the sale of an approximate 11.10% shareholding in HKT Limited (HKT). Both PCCW and HKT are listed on the Main Board of the Hong Kong Stock Exchange. The disposal is being effected by way of a placing, with Goldman Sachs (Asia) L.L.C. acting as placing agent. Following completion of the placing, PCCW will continue to hold an approximate 51.97% majority stake in HKT. The gross proceeds of the placing will, if completed, amount to approximately HK$8.534 billion. The conditional disposal was announced on 13 February 2017 and completion of the placing is expected to take place on 15 February 2017.

Contacts: David Watkins (partner), John Moore (partner), Frank Bi (associate), Charlie Court (trainee)