Hutchison Prepares for 3 Italy Floatation
Hutchison Whampoa has made the first move towards floating its Italian 3G network onto the Italian stock exchange, having made a formal application to the Italian regulators for the listing. Hutchison also confirmed that 3 Italia is being advised in connection with the planned IPO by a group of five international banks and two Italian banks who have also been conditionally designated as joint global coordinators for the planned Global Offering: Goldman Sachs International, HSBC Bank plc, JP Morgan, Merrill Lynch International, Morgan Stanley, Banca IMI and Banca Caboto (Gruppo Intesa). 3 Italia has also retained Lazard as its financial adviser for the planned IPO.
Hutchison's Group Managing Director, Mr Canning Fok, said, "The development of 3 Italia has been excellent. As indicated in our Chairman's Statement issued on 25 August 2005, I am pleased to confirm that 3 Italia achieved positive EBITDA after all customer acquisition costs for the month of August.
"Given 3 Italia's unprecedented progress both in terms of customer and market share growth and profitability milestones, our advisers are confident that an initial public offering of shares of 3 Italia can be achieved that will satisfy our objectives. Such an IPO will be commercially beneficial and exciting for 3 Italia and will also be highly beneficial to Hutchison as it will set a clear and positive market benchmark for measuring the value of all our Group's 3G businesses. Of course, as Hutchison will remain as the major and controlling shareholder of 3 Italia following the planned offering, our shareholders will continue benefit from the expected strong ongoing development of 3 Italia's business following the IPO. "
3 Italia, currently a subsidiary of the Company (approximately 91% owned), is the holding company of the 3 Italia Group. 3 Italia currently had a total of 4.5 million customers as of 24 August 2005."
Posted to the site on 21st September 2005
