Hutchison Whampoa Limited (HWL) today (22 February 2001) announced that its wholly owned subsidiary Hutchison Telecommunications International Limited (HTIL) has agreed to sell Hutchison Telecommunications Technology Investments Limited (HTTIL) to Pacific Century Cyberworks Limited (PCCW) for US$103 million. The consideration will be satisfied by the issue of 183,634,285 new PCCW shares at a price of HK$4.375 per share.
HTTIL subsidiaries are engaged in the provision of satellite telecommunication equipment and services using Very Small Aperture Terminal (VSAT) technology marketed under the Hutchison Corporate Access brand name. HTTIL is currently 100% owned by HTIL.
The strategy of the Hutchison's telecommunication operation has evolved over the past few years from developing a broad international base of services (including satellite) to a strategy focused on a mobile platform in Hong Kong and internationally, particularly in 2G and 3G technologies. Therefore, over the last few years, Hutchison has disposed of its satellite based businesses, including the Group's equity interest in Asia Satellite Telecommunications Co. Ltd. This transaction is part of the Group's disposal programme of satellite based businesses and its strategy to concentrate on its mobile telecommunication business.
HWL Group Managing Director Canning Fok commented, "This completes our disposal programme of the Group's satellite interests, monetizes a non-core investment and we are now concentrating on developing our 3G networks in Hong Kong, Australia and Europe."
The terms of the agreement were determined on an arm's length basis. Directors of HWL considered the terms to be fair and reasonable.
For further information, please contact:
Ms Nora Yong
Tel: (852) 2128 1363
Fax: (852) 2128 1766
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