CCT Telecom will pay HK$50 million for controlling 49 per cent in a fibre-optic products distributing company based in Fujian province. It bought the holding in Worthwhile Industries from Panoramic View International. To fund the acquisition, CCT will issue 25 million new shares at HK$2 each. After the acquisition Worthwhile will become China Optical Telecom. CCT chairman Clement Mak Shiu-tong said Worthwhile could be listed by year-end on either the Growth Enterprise Market (GEM) or the Nasdaq. Worthwhile is primarily involved in the sale and implementation of optical-network products and other telecommunication products supplied by Lucent Technologies. Mr Mak said the company would expand the distribution network to all parts of the mainland. Panoramic View has guaranteed that Worthwhile's profit in the year to December 31, 2000, would not be less than US$5 million. The acquisition price represents only 2.56 times price-earnings ratio based on the guaranteed profit. CCT Telecom already has announced plans to spin off HKNet and WINS Mobile Data on the GEM. Mr Mak yesterday would not disclose more details about the listing plans and timing as the stock exchange was processing the applications. Meanwhile, he said HKNet, a 60 per cent owned subsidiary of CCT Telecom, would announce the details of its wireless broadband services to be launched in September or October.