CABLE AND WIRELESS RESTRUCTURES H.K. UNITS
  Cable and Wireless Plc &lt;CAWL.L> said
  its subsidiary &lt;Hong Kong Telephone Co Ltd> would cease to be a
  listed company, following the restructure of the company's Hong
  Kong units.
      Earlier today the company announced that Hong Kong
  Telephone and Cable and Wireless Hong Kong, in which the
  territory's government has a 20 pct stake, would become
  subsidiaries of a newly formed holding company, Hong Kong
  Telecommunications.
      In exchange for the Cable and Wireless Hong Kong capital,
  Hong Kong Telecommunications will issue 4.18 billion new shares
  to Cable and Wireless Plc's Cable and Wireless (Far East) Ltd.
      That subsidiary now holds the group's 80 pct stake in Cable
  and Wireless Hong Kong and about 22 pct of H.K. Telephone.
      It will issue an additional 1.05 billion shares to the
  goverment.
      That will leave the Cable and Wireless group with an 80 pct
  stake in Hong Kong Telecommunications, the government 11 pct
  and nine pct in public hands.
      But that will be reduced early next year after a placement
  of 11 pct of the issued shares of Hong Kong Telecommunications
  by both Cable and Wireless and the government.
  

