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(Hong Kong, 11 May 2004) Hutchison Whampoa (China) Limited ("HWCL"), a wholly owned subsidiary of Hutchison Whampoa Limited ("HWL") has signed an agreement with The Procter & Gamble Company and certain of its subsidiaries ("P&G") today to sell its remaining 20% interest in the Mainland China joint venture Procter & Gamble-Hutchison Limited ("P&G-H") for a cash consideration of US$2 billion payable on completion scheduled in June 2004. On completion a gain on sale of HK$13.7 billion will be realised.
HWCL and P&G established the initial joint venture in 1988 in Mainland China and together have built a very successful business. In 1997 by mutual agreement HWCL sold approximately 10% of its interest in P&G-H to a P&G subsidiary to enable P&G to increase its majority holding, and agreed with P&G on options for it to acquire HWCL's remaining 20% between 2007 and 2017. Today's agreement accelerates the sale of HWCL's remaining shareholding to our partner.
Mr Simon To, Managing Director of HWCL commented, "HWCL has very successfully worked together with P&G for the past 16 years and will continue as P&G's main provider for imported products distribution, logistics and other services."
Mr Canning Fok, HWL Group Managing Director, added, "This transaction represents the realisation of value of non-core asset of Hutchison. We are delighted to be able to continue our close association with P&G."
About Hutchison Whampoa Limited
Hutchison Whampoa Limited (HWL), one of the largest companies listed on the main board of the Hong Kong Stock Exchange, is the holding company of the Hutchison Whampoa Group of companies. As one of the earliest big "hongs", or trading companies, in Hong Kong, Hutchison's history dates back to the 1800s. Today, HWL is a multi-national conglomerate with businesses spanning 40 countries. With over 170,000 employees worldwide, Hutchison operates and invests in five core businesses: ports and related services; telecommunications; property and hotels; retail and manufacturing; and energy and infrastructure.
For more information, please visit www.hutchison-whampoa.com
For further information, please contact:
Laura Cheung
Tel: (852) 6330 4227
Fax: (852) 2128 1766
Email: laurac@hwl.com.hk
Jeremy Lau
Tel: (852) 6477 9089
Fax: (852) 2128 1766
Email: jeremyl@hwl.com.hk
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