CABLE AND WIRELESS DETAILS MERGER OF H.K. UNITS Cable and Wireless Plc <CAWL.L> said it will merge its Hong Kong Telephone Co Ltd <TELH.HK> and <Cable and Wireless (Hong Kong) Ltd> units into a new holding firm to be called <Hong Kong Telecommunications Ltd>. Under the merger, H.K. Telephone shareholders will receive two H.K. Telecommunication shares at a par value of 50 H.K. Cents for each H.K. Telephone share at par of one dlr. H.K. Telephone shareholders other than the Cable and Wireless group will receive warrants on a one-for-five basis entitling them to acquire from Cable and Wireless Plc within five years one H.K. Telecom share at 10 dlrs each. The Cable and Wireless Plc group now holds some 70 pct of H.K. Telephone. It also owns 80 pct of Cable and Wireless (Hong Kong), while the Hong Kong government holds the balance. Trading in H.K. Telephone shares was suspended on October 15. The shares last traded at 19.30 dlrs.