CABLE AND WIRELESS RESTRUCTURES H.K. UNITS Cable and Wireless Plc <CAWL.L> said its subsidiary <Hong Kong Telephone Co Ltd> would cease to be a listed company, following the restructure of the company's Hong Kong units. Earlier today the company announced that Hong Kong Telephone and Cable and Wireless Hong Kong, in which the territory's government has a 20 pct stake, would become subsidiaries of a newly formed holding company, Hong Kong Telecommunications. In exchange for the Cable and Wireless Hong Kong capital, Hong Kong Telecommunications will issue 4.18 billion new shares to Cable and Wireless Plc's Cable and Wireless (Far East) Ltd. That subsidiary now holds the group's 80 pct stake in Cable and Wireless Hong Kong and about 22 pct of H.K. Telephone. It will issue an additional 1.05 billion shares to the goverment. That will leave the Cable and Wireless group with an 80 pct stake in Hong Kong Telecommunications, the government 11 pct and nine pct in public hands. But that will be reduced early next year after a placement of 11 pct of the issued shares of Hong Kong Telecommunications by both Cable and Wireless and the government.