PCCW video-streaming unit raises US$110m from Hony Capital, Foxconn and Temasek
Friday, August 11, 2017
(SCMP by Bien Perez) – The video-streaming subsidiary of Hong Kong telecommunications and media giant PCCW has raised a US$110 million investment from Chinese private equity firm Hony Capital, Foxconn Ventures and a unit of Singapore’s Temasek Holdings.
PCCW, the flagship company of tycoon Richard Li Tzar-kai, announced that development on Thursday, after it reported a significant increase in core net profit in the six months ended June 30.
The company’s core operations excludes its property development and investment business, Pacific Century Premium Developments.
Hony Capital, Foxconn Ventures and Temasek’s Anderson Investments agreed to subscribe to 11 million so-called preference shares, which represent 18 per cent of the enlarged share capital of PCCW OTT.
