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FOR IMMEDIATE RELEASE:
(Hong Kong and Tokyo, 2 October, 2002) Hutchison Whampoa Limited and NEC Corporation (NEC) today announced that NEC has agreed to acquire from HWL a 5% strategic equity interest in both Hutchison Telephone Company Ltd.(HTCL), and Hutchison 3G HK Holdings (H3G HK) for a total cash consideration of US$73 million.
Both companies are subsidiaries of HWL whereby HTCL, and one of its subsidiaries, are the licensed providers of cellular mobile telephone services in Hong Kong and Macau whilst H3G HK, through a subsidiary, is the licensed operator of 3G mobile services in Hong Kong.
As part of this transaction, HWL's interest in HTCL and H3G HK will change from 74.63% to approximately 71%, whilst NTT DoCoMo's stake will change from 25.37% to approximately 24% for both companies.
"Through this investment, NEC intends to create a strong strategic partnership with the Hutchison Group by providing comprehensive support for Hutchison's worldwide 3G businesses, and to spur the creation of innovative mobile Internet services." said Koji Nishigaki, President of NEC Corporation.
"NEC expects this partnership to accelerate the adoption and expansion of 3G business in the world. We will continuously provide reliable and high quality infrastructure system and handsets backed by our extensive know-how and expertise in the mobile Internet field. It is our aim to for NEC to become a leading 3G total solution provider and we are pleased to be partnering with the world's leading 3G operator."
Canning Fok, Group Managing Director of Hutchison Whampoa said, "I am very proud to welcome NEC as our new strategic partner in our Hong Kong mobile business. NEC is the world's top leading providers of technology solutions with core business interest in the mobile Internet industry. We look forward to continue working with NEC, one of our key suppliers of 3G infrastructure systems and 3G devices on a global basis, in the worldwide rollout of our 3G services. Both corporations share a similar vision for 3G and certainly this partnership will help us fulfil our mission in being the pathfinders of this new medium. "
NEC is already the supplier of 3G infrastructure systems and more than one million of 3G devices for Hutchison 3G operations. Currently, NEC constructs a significant portion of Hutchison's 3G network infrastructure in Europe and will provide Hutchison with its maiden batch of handsets for the first phase of the 3G service rollout in October 2002.
Completion of this transaction is subject to satisfaction of customary closing conditions before December 2002.
Editorial Contact:
| Hutchison Whampoa Limited | NEC Corporation (JAPAN) |
| Laura Cheung | Akiko Shikimori |
| Tel: (852) 2128 1289 | Tel: 81-(0)3-3798-6511 |
| Email: laurac@hwl.com.hk | Email: a-shikimori@ay.jp.nec.com |
Editors' Notes
About Hutchison Whampoa
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 13% 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 150,000 employees worldwide, Hutchison operates and invests in five core businesses in 41 countries: ports and related services; telecommunications; property and hotels; retail and manufacturing; and energy and infrastructure. For more information, visit www.hutchison-whampoa.com
About NEC Corporation
NEC Corporation (NASDAQ: NIPNY) (FTSE: 6701q.1) is one of the world's leading providers of Internet, broadband network and enterprise business solutions dedicated to meeting the specialized needs of its diverse and global base of customers. Ranked as one of the world's top patent-producing companies, NEC delivers tailored solutions in the key fields of computer, networking and electron devices, through its three market-focused, in-house companies: NEC Solutions, NEC Networks and NEC Electron Devices. NEC Corporation employs more than 140,000 people worldwide and had net sales of approximately $39 billion in the fiscal year ended March 2002.
NEC has focused on mobile Internet as one of its core business domains. NEC has the capabilities and experience to provide mobile operators and users worldwide with total solutions for mobile Internet, including not just mobile handsets but also mobile network systems, service platforms and service applications. NEC has already received around 20 3G orders from operators in Europe and Asia.
For additional information, please visit the NEC home page at: www.nec.com and NEC's 3G home page www.nec.co.jp/3g-mobile/
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