(Hong Kong, 21 April 2006) Hutchison Whampoa Limited (HWL) announced today that it has signed a sale and purchase agreement to sell 20 per cent effective equity and loan interest in each of Hutchison Port Holdings Limited (HPH) and Hutchison Ports Investments S.à r.l (HPI) respectively to Singapore's PSA International Pte Ltd (PSAI), for a total cash consideration of USD4,388 million (approximately HKD34,000 million).

The Company will realise a profit on disposal of approximately HKD24,380 million upon completion of the transaction, which both parties are endeavouring to close as soon as possible and no later than end of May 2006. The net proceeds from the transaction will be used for HWL's general working purposes.

Commenting on the transaction, HWL Group Managing Director Mr Canning Fok said, "The transaction represents an excellent opportunity to crystallise value for the Company and its shareholders. The terms of this transaction reflect the quality and value of our privately held ports business, setting an attractive benchmark for the Group's remaining interests in the business which we will continue to control and manage. We are pleased that PSAI has decided to take this 20 per cent holding, given PSAI's long-term commitment to the ports industry."

Hutchison is the world's largest private port operator, operating 42 ports in 20 countries.

About Hutchison Whampoa Limited

Hutchison Whampoa Limited (HWL) is a leading international corporation committed to innovation and technology with businesses spanning the globe. Its diverse array of holdings ranges from some of the world's biggest retailers to property development and infrastructure to the most technologically-advanced and marketing-savvy telecommunications operators. HWL reports turnover of approximately HKD242 billion (USD31 billion) for the year ended 31 December 2005. With operations in 54 countries and over 200,000 employees worldwide, Hutchison has five core businesses - ports and related services, telecommunications, property and hotels, retail, and energy, infrastructure, investments and others.

About PSA International Pte Ltd

PSAI is a global leader in the ports and terminals business with investments in 19 port projects in 11 countries around the world. In 2005, PSAI handled more than 41.2 million TEUs of containers worldwide.

For further information, please contact:

Hutchison Whampoa Limited
Ms Laura Cheung
Tel : (852) 6330 4227
Fax : (852) 2128 1766
Email : laurac@hwl.com.hk

© Copyright 1996-2024 irasia.com Ltd. All rights reserved.

DISCLAIMER: irasia.com Ltd makes no guarantee as to the accuracy or completeness of any information provided on this website. Under no circumstances shall irasia.com Ltd be liable for damages resulting from the use of the information provided on this website. TRADEMARK & COPYRIGHT: All intellectual property rights subsisting in the contents of this website belong to irasia.com Ltd or have been lawfully licensed to irasia.com Ltd for use on this website. All rights under applicable laws are hereby reserved. Reproduction of this website in whole or in part without the express written permission of irasia.com Ltd is strictly prohibited. TERMS OF USE: Please read the Terms of Use governing the use of our website.