(Hong Kong, 20 June 2001) Hutchison Whampoa Limited (HWL) announced today that it would, through one of its wholly owned subsidiaries, together with Reading Investments Limited, make a voluntary conditional cash offer (the Offer) to acquire all the remaining issued shares of ICG Asia and outstanding warrants to subscribe for shares of ICG Asia. The Offer will comprise HK$0.25 in cash for each ICG Asia share and HK$1 for each warrant. Internet Capital Group, Inc (ICG), which at present owns approximately 53.8 percent of ICG Asia, has undertaken to accept the Offer as to its entire shareholding and warrantholding.
After HWL acquires ICG's shareholding, HWL would assume control of ICG Asia. It is HWL's intention that ICG Asia will continue the existing core business of manufacturing and trading of toys, and property investments.
"We have very good working relationship with ICG and the partnership has been valuable to both sides. However, in view of the existing current market environment and outlook, HWL believes that it's more appropriate for ICG Asia to focus on existing toy and property businesses. While its property business would fit into Hutchison Whampoa's core business area, we also believe that there should be stable growth prospects in Asia's toy trading business. It is with this view that HWL decided to make the Offer," said Canning Fok, Group Managing Director of HWL.
Following completion of the Offer, the Board of ICG Asia will conduct a review of its financial position and operations with a view to determining its strategy towards B2B business activities.
For press information, please contact:
Laura Cheung
| Tel: | (852) 2128 1289 |
| Pager: | (852) 7318 4778 |
| Email: | laurac@hwl.com.hk |
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