From Financial times:
Singapore’s leading shareholder group is considering mounting a legal challenge that could delay Richard Li ‘s controversial attempt to sell a controlling stake in PCCW to Hong Kong investment banker Francis Leung.
The Securities Investors Association of Singapore said an offer this year by TPG Newbridge , the US private equity fund, to buy out minority shareholders and then to delist Mr Li’s Singapore-listed holding company, Pacific Century Regional Developments, must be resolved first.
It argues that only then should PCRD be allowed to proceed with the sale of its 23 per cent stake in PCCW, Hong Kong’s dominant telecoms group.
