Richard Li last night raised about HK$1.25 billion $161 million from the sale of shares in HKT Trust, the Hong Kong-listed entity that holds the telecommunications business previously owned by PCCW. It was the first sell-down by the HKT Trust chairman, or any other substantial shareholder, through the capital markets since the trust went public in November 2011.
The transaction reduced Li’s direct stake in the trust to about 2.8%, although he also has an indirect ownership through his shareholding in PCCW. The Hong Kong company, which is also involved in media, IT solutions, property development and investments, still owns 63% of HKT Trust. Li is the...
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