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Shares in PCCW fell as much as 4.1 per cent in morning trade in Hong Kong after the company announced plans to sell HK$8.5bn ($1.1bn) of its stake in telecommunications company HKT to fund further media investments.

Shares in HKT, the largest telecommunications company in Hong Kong, tumbled as much as 7.4 per cent on news of the stock sale. The sale will see PCCW’s stake in HKT fall from 63 per cent to 52 per cent.

PCCW, which is run by Richard Li, said it will use the proceeds of the sale for further investments in media and solutions, strategic investments and the repayment of debt.

PCCW last week sold UK wireless internet provider Relish to Three UK for £250m. Three UK is owned CK Hutchison, the company controlled by Mr Li’s father and Asia’s richest man, Li Ka-shing.

The benchmark Hang Seng index is up 0.6 per cent.

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