The replacement of Cable & Wireless HKT by Pacific Century CyberWorks in the blue-chip Hang Seng Index has been postponed to August 9, Hong Kong's stock index compiler HSI Services said yesterday. The delay came after court proceedings relating to the merger of the two companies were rescheduled, HSI said. The court hearing on the merger, originally set for July 25, would be on August 1 because of the High Court's 'busy schedule'. HSI Services said on Friday that as of August 2, CyberWorks would replace HKT on the Hang Seng Index, part of a series of moves to change the benchmark's make-up. A statement from HKT said the rescheduling of court dates would also result in several changes to the proposed merger's timetable. Pending court approval of the merger on August 1, HKT is expected to be suspended from trading on the Hang Seng Index on August 8. Based on recent closing prices of the two firms, the combined capitalisation of the merged entity would be close to HK$400 billion and account for about 9 per cent of the index's weighting. HKT said the number of the new CyberWorks shares to be issued would be ascertained by August 21, and the share certificates of new CyberWorks would be posted on August 22. CyberWorks chairman Richard Li Tzar-kai said on Thursday that the posting of management at the merged entity, and such matters as HKT chief executive Linus Cheung Wing-lam's title, would be finalised after the deal's closure. The replacing of hotel-operator Shangri-La Asia and property-investor Great Eagle Holdings with Li & Fung and Legend Holdings would go ahead as scheduled for August 2, HSI Service said.