Cable & Wireless HKT is not likely to spin off and list its interactive multimedia services (IMS) division this year because of possible Y2K problems, according to IMS chief executive Allen Ma. An initial public offering (IPO) for the new company probably would take place next year, Mr Ma said. Computer malfunctions are expected on January 1, due to software that recognises the year 2000 as 1900. HKT's stocks have been trading actively since the operator said on Thursday a decision on an IPO was being made. It closed yesterday at $17.60, up 1.44 per cent from Friday. HKT and Electronic Payment Services Co (Epsco) yesterday launched ecBills, a bill-payment service for Internet users. The service enables users to view and pay their bills over the Internet, using automatic teller machine cards registered by Epsco's payment by phone service. Payment by other means, such as credit cards, would be launched later, the companies said.