China Oil And Gas Group Limited 中油燃氣集團有限公司
Hikari's Strange Exit
Our eyebrows were raised when all the representatives of PCCW resigned from the board of Hikari Tsushin International, of which PCCW owned 20%. All became clear a few days later as the Japanese parent sold a 51% controlling stake to a previously unknown investor whose intentions remain vague. The sale price was announced as $0.045, a 70% discount to NAV, triggering a general offer at that lowly price, but days later PCCW sold a 10% stake at $0.155 - what's going on? (30-Dec-2001)
Our eyebrows were raised when all the representatives of PCCW resigned from the board of Hikari Tsushin International, of which PCCW owned 20%. All became clear a few days later as the Japanese parent sold a 51% controlling stake to a previously unknown investor whose intentions remain vague. The sale price was announced as $0.045, a 70% discount to NAV, triggering a general offer at that lowly price, but days later PCCW sold a 10% stake at $0.155 - what's going on? (30-Dec-2001)
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