Hutchison Buys out Italian Shareholder

Hutchison 3G Italy Investments ("Hutchison"), a subsidiary of Hutchison Whampoa ("HWL") says that it has entered into an agreement to purchase from CIRtel International, Cirtel's entire shareholding in Hutchison 3G Italia and all of Cirtel's rights to receive repayment of loans made by Cirtel to Hutchison 3G Italia, for a total purchase price of US$628.7 million.

Hutchison will capitalise the principal amount of the loans and accrued interest at the earliest opportunity.

HWL Group Managing Director Canning Fok commented, "We are pleased to take this opportunity to increase our interest in Hutchison 3G Italia, which under our 3 brand reached a customer base of two million customers at 25 November and has exceeded 2.6 million today."

Hutchison Whampoa Limited is the primary shareholder, holding 89.32% of the authorized capital. The other shareholders include S. Paolo Imi, BMI, RCS Mediagroup, Gemina and Tiscali."

Posted to the site on 24th December 2004