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For Immediate Release
Hong Kong and Singapore, 9 August 2002 - Hutchison Telecommunications Limited (Hutchison) and Singapore Technologies Telemedia Pte Ltd (ST Telemedia) today announced that they have signed an agreement with Global Crossing to invest US$250 million for 61.5 percent majority interest in the company as newly constituted. Global Crossing's creditor groups support the agreement.
The agreement was approved today (9 August, 2002 U. S. Eastern Daylight Time) in a hearing before the US bankruptcy court.
Hutchison and ST Telemedia are confident that this proposal represents the best outcome for Global Crossing's creditors, customers and employees and it is an important milestone to assist Global Crossing to emerge successfully from its bankruptcy process.
Hutchison and ST Telemedia are in the process of working with Global Crossing's management and creditors to facilitate a quick reorganization of the business to restore confidence and ensure continued service to Global Crossing's customers.
Hutchison, ST Telemedia and Global Crossing will immediately embark on the process for obtaining all necessary regulatory approvals. Subject to these approvals being obtained and the satisfaction of other closing conditions, the transaction is expected to be completed in early 2003.
Additional Notes to The Editors:
About Hutchison Telecommunications Limited
Hutchison Telecommunications Limited (HTL) is a wholly owned subsidiary of Hutchison Whampoa Limited (HWL). Hutchison Whampoa is a Hong Kong-based multinational conglomerate with origins dating back to the 1800s. Hutchison is also part of the Li Ka-shing group of companies, which together represent about 15% of the total market capitalization of the Hong Kong stock market. In 2001, HWL's consolidated turnover (including associates) was HK$89,038 million and net profit was HK$12,088 million.
With over 120,000 employees worldwide, Hutchison operates and invests in five core businesses in 37 countries: telecommunications; ports and related services; property and hotels; retail and manufacturing; and energy and infrastructure. For more information, please visit www.hutchison-whampoa.com
About Singapore Technologies Telemedia Pte Ltd
Incorporated in 1994, Singapore Technologies Telemedia (ST Telemedia) is a leading information-communications group in Singapore. The company has three major business focuses: Data & Voice, Broadband & Multimedia and e-Services.
Through its diverse group of leading innovative companies, ST Telemedia provides such services as fixed and mobile telecom services, wireless data communications services, Internet mobile services, managed IP network services, managed hosting services, satellite services, and enhanced broadband and multimedia services.
ST Telemedia aims to become a significant global data and IP-centric info-communications group. It is a wholly-owned subsidiary of the Singapore Technologies (ST) group, a technology-based multinational conglomerate, with core businesses in engineering, technology, infrastructure & logistics, property and financial services. ST's turnover (revenue) for 2001 was S$9 billion and it employs 54,000 people worldwide. For more information, visit www.stt.st.com.sg
Press contacts:
| Hutchison Whampoa Limited | Singapore Technologies Telemedia |
| Laura Cheung | Melinda Tan |
| Tel: (852) 21281289 / 73184778 | Tel: (65) 6723 8690 / 98526757 |
| Email: laurac@hwl.com.hk | Email: tanmelinda@stt.st.com.sg |
| For Hutchison Whampoa in the U.S. | For ST Telemedia in the U.S. |
| Steve Lipin, Brunswick Group | Laura Kline, Weber Shandwick |
| Tel: (212) 333-3810 | Tel: (212) 445-8118 |
| Email: slipin@brunswickgroup.com | Email: lkline@webershandwick.com |
For further information, please refer to the attached Global Crossing's press release.
http://www.globalcrossing.com/xml/news/2002/august/09.xml
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