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Press Release
(Hong Kong, 1 August 2002) Cheung Kong (Holdings) Limited ("CKH") and Hutchison Whampoa Limited ("Hutchison") announced today that in conjunction with the stock repurchase programme announced by US-based priceline.com ("PCLN"), CKH and Hutchison may also purchase additional PCLN common stock.
Priceline.com's Board of Directors, in its last Board Meeting, authorized PCLN to re-purchase up to US$40 million of PCLN common stock. In conjunction with such re-purchase programme CKH and Hutchison, its two largest shareholders, may also purchase an additional US$40 million of the company's stock. The combined authorised purchases - the timing, initiation, pricing and completion of which are at the discretion of each company's management - would have an aggregate value of up to US$80 million
"At the current valuation, we believe that the best investment priceline.com can make is in our own Company," said priceline.com Chairman and Co-Chief Executive Officer Richard S. Braddock. "Priceline.com is a growing, profitable business in one of the Internet's most desirable industry sectors. Priceline.com has no debt and US$180 million in cash and short-term investments."
Canning Fok, Group Managing Director of Hutchison and Director of CKH said, "Priceline.com is a profitable and healthy company with great potential. We have come to know more about the company through our directorship on their Board and our co-operation in Asia, and are confident of its future growth prospects. We are happy to have the opportunity to increase our commitment to the company"
CKH and Hutchison currently hold approximately a combined 31 percent of priceline.com. In Asia, the priceline model was launched in Hong Kong and Singapore in April and May 2002 respectively through joint investments from Hutchison (65 percent) and priceline.com (35 percent). Since its launch, priceline.com.hk has been ranked the top picked travel portal sites in Hong Kong by NetValue, a global Internet measurement company, and Click Me Asia, a leading e-rating service for Asian Internet community. In Singapore, the site was also rated the top transactional travel-tourism site in June (NetValue).
For media enquiries, please contact:
| Cheung Kong (Holdings) Limited | Hutchison Whampoa Limited |
| Wendy Tong Barnes | Laura Cheung |
| Tel: (852) 2122 2062 | Tel: (852) 2128 1289 |
| Email: wendytb@ckh.com.hk | Email: laurac@hwl.com.hk |
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