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Hutchison Whampoa loan for Italy may be next year

date: October 19, 2001

The 3.2 billion euro loan financing for Hutchison Whampoa's Italian 3G mobile network may not be launched until next year, banking sources said.

Hutchison is meeting its banks in an attempt to complete terms of the loan, which have been under discussion since the end of February.

"There is a strong chance it (the loan) will be next year, although Hutchison would like to wrap it up earlier," a banker said.

"Until the term sheet's been thrashed out, it's going to be hard for banks to get credit or underwriting approval, although they have it in principle," he added.

Rumours spread today that Hutchison 3G has appointed an executive to develop ways of offering soft-core pornography over third generation handsets.

Online pornography could therefore prove to be a vital way of boosting revenues for struggling mobile operators, particularly as it has already proved to be one of the few economically successful areas of e-commerce through desktop computers.

Hutchison refused to discuss the job title of its employee, but confirmed that a member of its entertainment team had been asked to explore the potential benefits and disadvantages of such a service.

Hutchison 3G is co-owned by Hutchison Whampoa, KPN Mobile and NTT DoCoMo.

 



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