Slaughter and May is advising PCCW Limited on its disposal of part of its shareholding in HKT Limited

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.