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New World Development

First Pacific deal almost done

PUBLISHED : Monday, 05 January, 1998, 12:00am
UPDATED : Monday, 05 January, 1998, 12:00am

First Pacific Co says the recent sale of Pacific Link Communications to Hongkong Telecom CSL for $4.83 billion should be completed by the end of the month. First Pacific signed a memorandum of agreement with Hongkong Telecom CSL to sell its 65 per cent stake in the local telecommunications provider in early December. The company confirmed that it expected to net about $2.4 billion from the sale and US$46 million from the repayment of a facility extended to Pacific Link.