Asia PR News

HONG KONG, Jan. 26 /Xinhua-PRNewswire-AsiaNet/ –

PCRD to Make Scheme of Arrangement Proposal to its Minority Shareholders

Associates of Texas Pacific Group, led by Newbridge Capital (TPG), have
made a proposal to Pacific Century Regional Developments (PCRD), a company
listed on the Singapore Stock Exchange, that proposes a scheme of arrangement
to PCRD’s minority shareholders.

PCRD will put forward the scheme of arrangement to its minority
shareholders, who hold 25% of the outstanding shares, whereby TPG will offer a
price of S$0.27 per PCRD share, representing an approximately 27.6% premium
over the volume weighted average price over the last three months.

Pacific Century Group Holdings Limited (PCH) which owns the other 75% of
PCRD’s shares, will neither sell nor buy shares in this transaction. PCH said
it would support the proposal if it is accepted by the minority shareholders of
PCRD.

The TPG offer will be considered by a committee of the independent
directors, who will appoint their own independent financial advisor.

As a result of this transaction, if approved by PCRD minority shareholders,
PCRD would be privatized and an application would be made to delist from the
Singapore Stock Exchange.

In making the announcement, Tim Dattels, Managing Director of Newbridge
Capital said: "We are pleased to put forward the offer for PCRD minority
shares. This transaction will enable us to participate in PCCW, a significant
shareholding of PCRD. PCCW is a great brand and a strong business, with a
record of innovation and development and a world-leading product in now TV.
TPG’s international investment credentials, coupled with Pacific Century’s
network of relationships, experience and record of achievement in Asia, make
for a formidable partnership."

Notes to Editors:
About PCRD
Pacific Century Regional Developments Limited (PCRD), a Singapore-based
company listed on the Singapore Exchange Securities Trading Limited, has
interests in financial services, telecommunications and information technology,
and property and infrastructure investment and development, throughout the
Asia-Pacific region. PCRD’s main subsidiary is Hong Kong-listed Pacific
Century Insurance Holdings Limited (PCIH)(SEHK: 0065). PCRD’s most significant
investment is in its Hong Kong-listed associated company, PCCW Limited (PCCW)
(SEHK: 008; NYSE: PCW), a constituent of the Hang Seng Index.

About TPG
Newbridge Capital LLC (Newbridge) is one of Asia’s leading private equity
investment firms with $2.3 billion of capital under management. Founded in
1994 by Texas Pacific Group and Blum Capital Partners, Newbridge was one of the
first private equity firms dedicated to Asian investments. Today, Newbridge
has 32 professionals throughout the region with offices in Hong Kong,
Melbourne, Mumbai, San Francisco, Seoul, Shanghai, Singapore and Tokyo.
Newbridge has made significant investments in such companies as Advanced
Interconnect Technologies, Hanaro Telecom, Japan Telecom, Korea First Bank,
Lenovo, Matrix Laboratories, Parkway Holdings, Raffles Hotel Holdings and
Shenzhen Development Bank.

TPG-Axon Capital (TAC) is a leading investment firm that currently manages
approximately US$5.5 billion in capital across global markets. TAC has offices
in Hong Kong, Tokyo and New York.

The offer is being made by Newbridge Century Ltd and TPG Century Ltd,
companies wholly-owned by Newbridge and TPG-Axon.

The directors of Newbridge Century Ltd. (including any director who may
have delegated detailed supervision of this document) have taken all reasonable
care to ensure that the facts stated and opinions expressed in this document
(other than those relating to PCH and its related corporations, TPG and PCRD)
are fair and accurate and that no material facts have been omitted from this
Announcement, and they jointly and severally accept responsibility
accordingly. Where any information has been extracted from published or
publicly available sources, the sole responsibility of the directors of
Newbridge Century Ltd. has been to ensure through reasonable enquiries that
such information is accurately extracted from such sources or, as the case may
be, reflected or reproduced in this document.

The directors of TPG Century Ltd. (including any director who may have
delegated detailed supervision of this document) have taken all reasonable care
to ensure that the facts stated and opinions expressed in this document (other
than those relating to the PCH and its related corporations, Newbridge and
PCRD) are fair and accurate and that no material facts have been omitted from
this document, and they jointly and severally accept responsibility
accordingly. Where any information has been extracted from published or
publicly available sources, the sole responsibility of the directors of TPG
Century Ltd. has been to ensure through reasonable enquiries that such
information is accurately extracted from such sources or, as the case may be,
reflected or reproduced in this document.

The directors of PCRD (including any director who may have delegated
detailed supervision of this press release) have taken all reasonable care to
ensure that the facts stated and opinions expressed in this press release are
fair and accurate and that no material facts have been omitted from this press
release, and they jointly and severally accept responsibility accordingly.

This press release should be read in conjunction with and subject to the
announcement dated 26 January 2006 issued by TPG and PCRD, a copy of which is
available on the website of the Singapore Exchange at www.sgx.com .

Media enquiries

For PCRD:

Tim Payne
Brunswick Group
Tel: +852-6104-6266

For Newbridge/TPG:

Owen Blicksilver
Tel: +1-516-742-5950

SOURCE Pacific Century Regional Developments