Hutchison to raise EU5 billion for Italian 3G

date: July 16, 2001

Hutchison Whampoa plans to rise as much as EU5 billion to finance its 3G investment for Italian operations.

Hutchison managing director Canning Fok said the 4 billion to 5 billion euro loan would be arranged and is still talking with the banks, with borrowing expected to be lower than the £3 billion loan earlier this year in the UK.

In April Hutchison 3G announced the successful completion of a £3.6 billion financing package, raised from a combination of bank, vendor finance and shareholder sources.

The group has invested 3.2 billion euros in the Italian 3G licence and it would require another 4 billion to 5 billion euros in additional funding, according to Mr Fok.

Mr Fok said the group's European 3G operations are expected to break even by 2005.

The company is still in talks with other 3G license holders to share the costs of building a network in Europe where it has 3G licenses: Austria, U.K. and Italy.

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