	cable and wireless restructures h k units cable and wireless plc cawl l said its subsidiary 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 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 billion new shares to cable and wireless plc s cable and wireless far east ltd that subsidiary now holds the group s pct stake in cable and wireless hong kong and about pct of h k telephone it will issue an additional billion shares to the goverment that will leave the cable and wireless group with an pct stake in hong kong telecommunications the government pct and nine pct in public hands but that will be reduced early next year after a placement of pct of the issued shares of hong kong telecommunications by both cable and wireless and the government reuter 
