Richard Li Tzar-kai, who last week agreed to sell most of his shares in PCCW, has reached an agreement in principle to buy the Hong Kong Economic Journal, market sources said.
The sale probably will include the properties in North Point where the paper is headquartered, the sources added.
'Richard Li has reached a sale agreement with Lam Shan-muk for the Hong Kong Economic Journal, although they haven't signed the contract,' a PCCW source said. 'The transaction will be finalised shortly.'
Lam Lok Yau-mui, who owns 95 per cent of the paper with her husband Mr Lam, invited about 30 editorial staff for lunch at Harbour Plaza Hotel in North Point yesterday to celebrate the paper's birthday. It was the first meal Mrs Lam had spent with the paper's editorial staff in the past seven years but she was tight-lipped and gave no hint on whether a deal was concluded, a source who attended the lunch said.
'Mrs Lam said she hasn't received a penny,' the source said.
The sources did not reveal the price Mr Li agreed to pay, although other sources last month said that it was about $250 million.
Mr Li last week said he would sell his 23 per cent stake in PCCW, which was held through Singapore-listed Pacific Century Regional Developments, to financier Francis Leung Pak-to.