PCCW remains silent on whether it will have to inject more funds into Reach, its troubled joint venture with Australia's Telstra.
Reach, an undersea cable operator, is negotiating with bankers on how to refinance its US$1.5 billion debt before next Friday.
Telstra chief executive Ziggy Switkowski yesterday again rejected reports that it would have to inject US$400 million of cash into its 50 per cent-owned joint venture.
'There is no shareholder-supported proposal from Reach on the table with its banking syndicate at this time,' he said. 'While Reach reports that discussions continue constructively, there is still much ground to be covered before any firm proposal could be formulated and considered.'
A PCCW spokesman declined to comment. PCCW shares fell another 2.05 per cent yesterday to HK$4.775, less than 5 per cent above its all-time low of HK$4.55 last October.
The company also refused to comment on an Australian report that the joint-venture partners would spend up to US$350 million to buy future capacity from Reach.
