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(Hong Kong, 9 June 2004) Hutchison Whampoa Limited ("HWL") announced today that the Group has signed an agreement with Hyundai Merchant Marine Co Ltd ("HMM") to purchase 12 per cent of the shares of HMM at a consideration of approximately HK$ 606 million.
Commenting on the purchase, HWL Group Managing Director Mr Canning Fok said Hutchison Whampoa is pleased to become a strategic investor in HMM, with which it has enjoyed a business relationship dating back to 1993.
Mr Fok said, "We believe this strategic investment will further build on the synergies and links between two companies that have worked closely together for more than a decade."
HMM President and Chief Executive Officer Mr Jeong-ik Noh said HWL's investment would strengthen HMM's competitiveness.
"With the deepening of our alliance with a leading international ports and logistics operator, HMM will be able to position itself as a world-class shipping company. This new strategic partnership with HWL will drive an even closer and more co-operative relationship between the two companies and will bring about opportunities for further development for both," added Mr Noh.
HWL's business relationship with HMM began in 1993 when the shipping company first called at the Group's port terminals.
In 2001, HWL acquired from HMM the Jaseongdae terminal in Busan and led a consortium with HMM and Hanjin Shipping to operate a terminal in Kwangyang. HWL is currently running the Busan and Kwangyang ports through its port division, Hutchison Port Holdings.
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 42 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.
Its flagship companies include Hutchison Port Holdings, Hutchison Telecom, Hutchison Whampoa Properties, A.S. Watson, and Cheung Kong Infrastructure. In 2003, HWL's consolidated revenue was HK$145,609 million (US$18,668 million).
For more information, please visit www.hutchison-whampoa.com
For media enquiries, please contact:
| Hutchison Whampoa Limited Laura Cheung Tel: (852) 2128 1289 Fax: (852) 2128 1766 Email: laurac@hwl.com.hk Jeremy Lau Tel: (852) 2128 1207 Fax: (852) 2128 1766 Email: jeremyl@hwl.com.hk |
Hyundai Merchant Marine Co Ltd Dong-Soo Oh Vice President Tel: (82) 2-3706-6000 |
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