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Hutchison to Finalise Funding Soon

date: August 27, 2001

Hutchison says Italy 3G financing likely to be finalized over next 2 to 3 months and will involve combination of 3 finance options.

Further details of the plan were not released.

A press report on Saturday quoting Hutchison MD, Canning Fok, as saying company is in talks with Norway regulators to buy the 3G license given up by Finland's Sonera, as plans to secure one more European 3G license.

Finnish operator group Sonera has sold nearly third of its holding in the German Deutsche Telekom. Sonera sold 21.9 million DT shares for about EUR 565million. Sonera has sold the shares in several small batches as of 9th July 2001.

According to Sonera's Controller Kim Ingatius, the DT shares were sold due to the drop in the quotation. Moreover, Sonera wanted to avoid having to be forced to sell the holding.

 



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