H3G sees October launch

date: May 30, 2002

Hutchison Whampoa' s group MD, Canning Fok, has just revealed that he is expecting the group to launch the first of its 3G networks in Europe in October.

Fok told reporters after the Hutchison Whampoa annual meeting, "We are still on track to launch [3G services in Europe] in October. We are in the testing phase. I believe we will be one of the early launchers."

Fok had previously been quoted as telling the Hong Kong Stock Exchange that he was expecting to see a September launch for the first of the group's 3G networks. But company spokespeople have been reluctant to put an exact date on the launch.

The group's financial outlook was recently downgraded to a negative assessment by ratings agency, Standard & Poor. The agency downgraded Hutchison from stable to negative because of concerns about its debt position, future profitability and the risk of returns on its 3G investments. Fok stated the launch of 3G services should not have any negative impact on the company's financial position.

The firm recently flew a number of financial analysts from Hong Kong to the UK to see a demonstration of its network in order to subdue analyst fears over its investment in seven 3G licenses around Europe.

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