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DoCoMo becomes a partner in HTIL
(Hong Kong May 27, 2004) --- In an agreement signed today between Hutchison Whampoa Limited ("HWL") and NTT DoCoMo, Inc ("DoCoMo"), the two companies have agreed to, at HWL's discretion, exchange DoCoMo's 20% investment in Hutchison 3G UK Holdings Limited ("H3GUK") for a stake in Hutchison Telecommunications International Limited ("HTIL"), a subsidiary company of HWL. The total consideration of this transaction is £120 million.
Under the terms of the agreement, the consideration is scheduled to be made to DoCoMo in three installments in the form of HTIL shares, subject to the listing of HTIL that has applied for a listing on the Stock Exchange of Hong Kong, or, at HWL's discretion, in cash. The third and final installment is scheduled to be made in December 2006.
Under a separate agreement, the £200 million shareholder loan provided by DoCoMo to H3G UK in May 2003 was transferred at cost to Hutchison 3G Europe Investments S.à.r.l., an HWL subsidiary company, today. DoCoMo has no further financial commitments to H3G UK.
"Hutchison is happy to be able to increase our interest in H3GUK at very attractive terms and, at the same time, maintain our close relationship with DoCoMo. We are extremely pleased with the prospects of DoCoMo becoming a partner in HTIL, the business of which aligns with both parties' strategy. We look forward to continue working closely together," commented HWL Group Managing Director Canning Fok.
Notes:
On 29 March 2004, Hutchison Telecommunications International Limited ("HTIL") filed a formal application with The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange") for the listing of HTIL on the Hong Kong Stock Exchange and a public offering of the shares in HTIL in Hong Kong. Among other conditions, listing of HTIL and offering of its shares are subject to the approval of the Hong Kong Stock Exchange and the boards of directors of each of the Company and HTIL. No final decision has been made as to whether and when the proposed spin-off and related offering will be launched.
This press release is for information purposes only and does not constitute an offer or invitation to subscribe for or purchase any securities nor is it calculated to invite any such offer or invitation. In particular, this press release is not an offer of securities for sale in Hong Kong, the United States or elsewhere. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities to be made in the United States would be made by means of a prospectus that may be obtained from the issuer or selling security holder and that would contain detailed information about the company and management, as well as financial statements.
For further enquiries, please contact:
Laura Cheung
Tel: (852) 6330 4227
Fax: (852) 2128 1766
Email: laurac@hwl.com.hk
Nora Yong
Tel: (852) 6330 4661
Fax: (852) 2128 1766
Email: noray@hwl.com.hk
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