Officials for both Cable and Wireless HKT and Singapore Telecom declined to comment on CyberWorks' proposed bid.
"It is almost impossible for Hutchison Whampoa to buy a stake in CyberWorks," he declared.
Pacific Century CyberWorks, the financially stressed telecommunications company, canceled a planned $1.5 billion bond offering yesterday, citing a poor market.
CyberWorks, Hong Kong's flagship phone company, said it would freeze hiring and salaries next year in an effort to avoid further layoffs, but could not rule them out.
A wireless venture between Pacific Century CyberWorks Ltd. and the Telstra Corporation will bid for MobileOne Asia, Singapore's No. 2 cellular company, Richard Li, the chairman of CyberWorks, said.
Pacific Century CyberWorks, the struggling communications company founded by Richard Li, reported its first profit since it acquired Hong Kong's flagship phone company, Cable and Wireless HKT, last year.
A partial flotation later this year may value T-Online, which has 4.6m subscribers, at as much as euro50 billion ($49 billion).Pacific Century CyberWorks, a Hong Kong Internet company, is preparing a bid for Cable & Wireless HKT, Hong Kong's former telecoms monopoly.
CyberWorks, controlled by Richard Li, above, the son of the Hong Kong tycoon Li Ka-shineedseeds the money to help repay a $9 billion loan maturing in February that it used to buy Cable and Wireless HKT in August.
CyberWorks, a Hong Kong Internet and multimedia startup, is buying out the 54% interest that Britain's Cable & Wireless owns in HKT, Hong Kong's former phone monopoly.
He doesn't want much else except to be left alone while his hackers do their dirty cyber work.
