***********************************************
Regarding the announcement by Mr Francis Leung on the acquisition by various parties of the shareholding in PCCW Limited, a Government spokesman said today (November 12) that different aspects of the sale of shares of PCCW Limited fell within the regulatory ambit of three independent statutory regulatory bodies, i.e. the Telecommunications Authority, the Broadcasting Authority and the Securities and Futures Commission. The Chief Executive in Council will be the approving authority if cross media ownership issues are involved.
"The Government will take all appropriate actions under the law to ensure that public interest is safeguarded. The Telecommunications Authority and the Broadcasting Authority have issued statements outlining their action to be taken. A ruling has been made by the Securities and Futures Commission under the Codes on Takeovers and Mergers and Share Repurchases.
"The Government is confident that the regulatory bodies would take rigorous actions to ensure that the transaction will comply with all the relevant ordinances, licence conditions and codes of practice," the spokesman said.
Ends/Sunday, November 12, 2006
Issued at HKT 20:15
NNNN
