HONG KONG — Hong Kong telecom giant PCCW, controlled by the son of the city’s richest man, said Wednesday it plans to raise up to US$1.42 billion from an initial public offering of its telecommunications unit. PCCW, owned by tycoon Li Ka-Shing’s son, Richard, is the largest fixed-line telecom network operator in the southern Chinese city, and also provides wireless, Internet services and a broadband-based television system. The indicative price range for its offering had not yet been set but is expected to be in the range of HK$4.53 to HK$5.38 (58-69 U.S. cents) per unit, the firm said in a filing to the Hong Kong stock exchange.
The offering, to be made in the form of a business trust, would help raise up to about HK$11.05 billion (US$1.42 billion). It has said net proceeds from the listing will primarily be used to repay debts.