Hong Kong's High Court Monday approved local fixed line telecom firm PCCW to be privatized by its majority shareholders.

The privatization plan, valued at about 15.9 billion HK dollars (about 2.02 billion US dollars), was earlier brought forward by the telecom firm. The Securities and Futures Commission of Hong Kong bid a role in the court hearing of the deal.

Judge Susan Kwan rejected allegations made by the securities watchdog that some share transfers were illegal.

The deal had been overshadowed by allegations of impropriety after claims of vote-rigging at a shareholders' meeting in February that secured the go-ahead for the proposal.

The commission said that they would appeal against the ruling, which will further delay delisting of PCCW.

(Xinhua News Agency April 7, 2009)