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Hong Kong tycoon Richard Li selling data centre business for RM3.17b

HONG KONG (July 28): Hong Kong tycoon Richard Li, the youngest son of Hong Kong business magnate Li Ka Shing, is selling his data centre business to real estate investment trust DigitalBridge for US$750 million (RM3.17 billion), reported MingTianDi.

According to a public announcement issued by Richard’s public listed company PCCW to the Hong Kong stock exchange on July 26, the internet infrastructure division of PCCW – PCCW DC, is selling off its nine data centres spread across Hong Kong, mainland China and Malaysia to DigitalBridge (formerly known as Colony Capital).

The nine data centres have a total of 75 megawatts power capacity, while the Malaysia facility located in Cyberjaya has six megawatts power capacity.

Meanwhile, PCCW said it expects to gain around US$180 million on the disposal of the business, which brought in net profit of US$2.6 million in 2020.

Li said the business disposal is to streamline its operations in order to focus on technology, intellectual property development and services, as well as to provide capital allocation flexibility and “crystallise value of the data centre business”.

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