Hutchison Whampoa Group Proposes Hutchison Telecom International Privatisation at HK$2.20 Per Share
The Proposal will provide that each share of HTIL held by HTIL shareholders (other than those which are wholly owned by HWL) on a record date to be announced will be cancelled in exchange for
HTIL was listed in
HWL notes that, following the sale by HTIL's subsidiaries of their respective interests in the
While HWL remains confident in the future prospects for HTIL's growth businesses, HWL is of the view that in the short and medium terms HTIL faces potential uncertain financial performance with the associated risk of significant share price volatility, thus making it less suited to remain a publicly listed entity. HWL further notes that HTIL's market capitalisation has fallen from its high of
After the proposed privatisation, HWL believes that HTIL would be more able to make decisions pertaining to investments without the pressures associated with being a publicly listed company. This will bring benefit to HTIL's business and to HWL's shareholders in the long term.
It is anticipated that on completion of the privatisation, the listing of the HTIL shares on the Stock Exchange of
A Scheme document of HTIL containing further details of the Proposal and the Scheme, including the conditions to be satisfied and the expected timetable, will be despatched to HTIL shareholders and to HTIL ADS holders as soon as practicable and in compliance with applicable regulatory requirements.
Application has been made to the SEHK for the resumption of trading in the HTIL shares on
For detailed information, please refer to the
Cautionary Statements
This press release contains forward-looking statements. Statements that are not historical facts, including statements about the beliefs and expectations of HWL and HTIL, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements speak only as of the date they are made, and each of HWL and HTIL undertakes no obligation to update publicly any of them in light of new information or future events. Forward-looking statements involve inherent risks, uncertainties and assumptions. Each of HWL and HTIL cautions you that if these risks or uncertainties ever materialise or the assumptions prove incorrect, or if a number of important factors occur or do not occur, each of HWL and HTIL's actual results may differ materially from those expressed or implied in any forward-looking statement. Additional information as to factors that may cause actual results to differ materially from each of HWL and HTIL's forward- looking statements can be found in each of HWL and HTIL's filings with the United States Securities and Exchange Commission.
This press release appears for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for securities of the Offeror, HWL or HTIL nor is it a solicitation of any vote or approval in any jurisdiction. This press release also does not constitute any solicitation or recommendation under rules and regulations of the US Securities and Exchange Commission.
For media enquiries, please contact: Hans Leung Hutchison Whampoa Tel: +852-2128-1363 Fax: +852-2128-1766 Email: [email protected] Ada Yeung Hutchison Telecom International Tel: +852-2128-3106 Fax: +852-2187-2087 Email: [email protected]
SOURCE Hutchison Telecommunications International Limited
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