CyberWorks ends Hikari marriage

Pacific Century CyberWorks, Richard Li Tzar-kai's information technology flagship, has ended its two-year marriage with battered Internet business investor Hikari Tsushin International by selling its entire stake in the company, according to sources.

CyberWorks disposed of its remaining 433 million Hikari shares, representing a 9.28 per cent stake in the company, at 4.6 HK cents a share on Wednesday, the sources said.

The disposal price was a big loss compared with the 22.5 HK cents per share the firm paid, leaving CyberWorks with an investment hole of HK$77.51 million.

Together with previous share sales, CyberWorks has lost HK$122.51 million from its investment in the troubled Internet company.

Last December, CyberWorks sold 500 million Hikari shares at 15.5 HK cents.

CyberWorks paid HK$210.06 million to buy a 20 per cent stake in Hikari in December 1999 in a tie-up with Hikari's Japanese parent, Internet investor Hikari Tsushin.