Pacific Century Regional Developments Issues US$200 Million Exchangeable Bond to AIG Member Company and AIG Sponsored Funds.Business Editors NEW YORK--(BUSINESS WIRE)--Aug. 29, 2000 Funds new PCRD opportunities, creates ties between companies Pacific Century Regional Developments Limited Pacific Century Regional Developments Limited SGX: P15 is a Singapore based company owned by Hong Kong's Richard Li, son of Hong Kong billionaire Li Ka Shing. PCRD Limited focus is a telecommunications services provider, as well as sales and services activities. (PCRD) announced today it has issued a US$200 million exchangeable bonds due 2006 to American International Assurance American International Assurance known as AIA (美國友邦保險) is a famous insurance company based in Hong Kong. It has offices in Asia-Pacific region including China, Australia, New Zealand, Japan, India, Malaysia, South Korea, Thailand and Company (Bermuda) Limited, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of American International Group
American International Group, Inc. (AIG) (NYSE: AIG; TYO: 8685 ) is a major American insurance corporation based in New York City. Inc. (AIG), and the AIG-sponsored investment funds, AIG Asian Opportunity Fund, L.P. and AIG Asian Infrastructure Fund, II LP. The redeemable exchangeable bonds allows holders to exchange the bonds into Pacific Century CyberWorks Limited (PCCW) shares. PCRD is the Pacific Century Group's flagship company in Singapore. "The US$200 million proceeds from the bond issue provides funding to PCRD to pursue new business opportunities complementary to those of its subsidiary and affiliate companies," said Peter Allen, Chief Financial Officer of PCRD. The initial exchange price is HK$19.00 per PCCW share. In the event that the bonds are redeemed, compound interest is payable on the principal value of the bonds at a rate of 3% per annum. About Pacific Century Regional Developments Pacific Century Regional Developments Limited is a Singapore-based company listed on the Singapore-based company listed on the Singapore Exchange Securities Trading Limited. PCRD's principal subsidiaries include Pacific Company CyberWorks Limited (SEHK SEHK See: Stock Exchange of Hong Kong 0008.HK) - one of the world's largest Internet companies, and Pacific Century Insurance Holdings Pacific Century Insurance Holdings Limited (PCI, HKSE: 0065 ) is an insurance company based in Hong Kong. It is separately listed in Hong Kong, and is controlled by Pacific Century Regional Developments Limited (PCRD), the parent company of PCCW. Limited, both of which are listed on The Stock Exchange of Hong Kong Stock Exchange of Hong Kong (SEHK) Only stock exchange located in Hong Kong. Limited. PCRD is also active in property investment and development, and power generation. Control of PCRD was acquired by the Pacific Century Group in September 1994. About American International Group, Inc. American International Group, Inc.(AIG) is the leading U.S.-based international insurance and financial services organization and the largest underwriter of commercial and industrial insurance in the United States. Its member companies write a wide range of commercial and personal insurance products through a variety of distribution channels in approximately 130 countries and jurisdictions throughout the world. AIG's global businesses also include financial services and asset management, including aircraft leasing, financial products, trading and market making, consumer finance, institutional, retail and direct investment fund asset management, real estate investment management, and retirement savings products. AIG's common stock is listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. , as well as the stock exchanges in London, Paris, Switzerland and Tokyo. |
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