CCT Telecom shareholders to underwrite rights issue

CCT Telecom Holdings says its major shareholders have agreed to take up the underwriting obligation of one of its underwriters, Kingsway SW Securities, for its proposed $1.97 billion rights issue. The company, 12.5 per cent-owned by Xinhua news agency, said the issue remained fully underwritten, although underwriters would be required to take up a combined 39.1 per cent of the underwriting obligation that had not been subscribed, with the exception of Kingsway.