Hutchison on schedule for 3G rollout

date: May 24, 2001

Managing Director of Hutchison Whampoa, Canning Fok said on Thursday the company was on schedule to roll-out 3G wireless services in Europe next year mid-2002 notwithstanding the fact that other 3G operators were delaying their 3G roll-out plans.

He told the press at the annual shareholders meeting of Hutchison that Britain and Italy would proceed on schedules with the rollout date and said, "I am pushing actively for that".

Unlike other rivals, Hutchison has other core businesses such as ports and properties. It can redirect funds from other holdings and is seating on liquid resources in the region of $30billion.

"Our competitors have a lot of problems because a lot of them have borrowed a lot of money and they are facing the cash problem now," he said.

Hutchison, which has already awarded 3G equipment contracts for Britain, will award supply pacts in Italy in June.

DoCoMo, which is Hutchison's 3G partner in Britain, recently delayed its much-anticipated commercial roll-out of 3G by four months to sort out software glitches. BT plan to launch 3G service on the Isle of Man was also delayed.

Some analysts say technical obstacles may delay the large-scale deployment of 3G services, on which carriers have already spent billions of dollars, for as long as five years.

But Li Ka-shing, chairman of Hutchison, regarded in Hong Kong as having a Midas touch, said he was "very much" interested in a 3G licence in the United States.

Asked whether the firm's huge pile of cash was earmarked for buying a U.S. 3G licence, he said: "Our cash is not only prepared for 3G, but in case any opportunities arise, we will invest in new 3G licences."

Li said the group's strong cash position was an advantage in the global economic downturn.

Fok said Hutchison was studying a proposal by the Israeli government to take a stake in state-controlled Bezeq Israel Telecom.

"We will study the opportunities," Fok said, adding that subscribers at its 34 percent-held Israeli mobile network Partner Communications had reached 1.1 million.

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