Stock News: Pacific Century higher as Newbridge raises bid!

Pacific Century Regional Developments Ltd (PCRD) was higher after a newspaper reported that Newbridge Capital has raised its offer to buy 25 pct of the company to 0.305 sgd per share from 0.27 sgd, dealers said. In early trading, Pacific Century rose 0.015 sgd or 5.09 pct to 0.310, on volume of 2.31 mln shares. The South China Morning Post cited a company statement on Newbridge's improved offer for a quarter of Hong Kong tycoon Richard Li's PCRD. PCRD's main subsidiary is Hong Kong-listed Pacific Century Insurance Holdings Ltd and it has a significant investment in its Hong Kong-listed associate, PCCW. If it succeeds in buying a quarter of PCRD, Newbridge would become the third largest shareholder in PCCW, with 5.7 pct.