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Richard Li, who is selling the controlling stake in Hong Kong phone company PCCW Ltd held by his Singapore-listed Pacific Century Regional Developments (PCRD), must abstain from voting his PCRD shares on the deal, the Singapore firm said yesterday.

Only minority shareholders in PCRD will be permitted to vote at a special general meeting on the US$1.17-billion sale, the Singapore company said after a ruling from the city's bourse.

The shareholders meeting is set to take place by the end of November.

Yesterday's statement follows an announcement in late September that Richard Li's father, tycoon Li Ka-shing, had through a fund provided a bridging loan of HK$500 million (US$64.1 million) to cover an initial deposit for financier Francis Leung's buy PCCW's controlling shares.

PCCW said at the time that Leung paid back the loan 10 days after making his initial deposit toward buying the PCCW stake, and that Richard Li had not known about the bridging loan until it was announced by the Singapore exchange.

Leung is a longtime banker and friend to the Li family, and his deal in July to buy PCCW's controlling shares had led to market speculation that Li Ka-shing was financing the deal to help his son exit what had been a troublesome investment.

With Richard Li and his associates required to abstain from voting their PCRD shares on the deal, a simple majority of PCRD's minority shareholders, who hold 25 per cent of the company's stock, is needed for the PCCW sale to be approved.

PCRD also said yesterday that it is required to appoint a financial adviser to give an opinion on whether the deal is on normal commercial terms.

Li controls 75 per cent of PCRD through his Pacific Century Group holding company.