PCPD shareholders reject PCCW's buyout proposal

HONG KONG, April 17 (Reuters) - Shareholders of Pacific Century Premium Developments Ltd (0432.HK: Quote, Profile, Research, Stock Buzz) (PCPD) on Thursday rejected PCCW Ltd's (0008.HK: Quote, Profile, Research, Stock Buzz) $333 million plan to take the property unit private.

The company will make an announcement later in the day on the veto, a PCPD spokeswoman told reporters.

PCCW, Hong Kong's dominant fixed-line carrier, proposed to buy out and delist PCPD for HK$2.64 billion (US$333.3 million).

PCCW, which currently holds 61.53 percent of PCPD, said in February it planned to offer HK$2.85 per share for about 926.13 million outstanding PCPD shares it did not already own.

Shares in PCPD were suspended on Thursday, while PCCW was flat.

(US$1=HK$7.8) (Reporting by Vinicy Chan; Editing by Anne Marie Roantree)