Hutchison to Invest Vast Cash in HK Network

date: September 26, 2001

Hutchison Telecom said on Wednesday it will invest US$384.6-$512.8 million over the next 18 months to two years in its Hong Kong 3G mobile project, including network and licence costs.

Hutchison Telecom also came away in Hong Kong on Wednesday with what it considers to be the most attractive of the four blocks of 3G spectrum which were auctioned to the four carriers that won 3G licences last week.

Hutchison said it plans to launch 3G service before the end of 2002, and expects it to break-even four or five years after the launch.

Hutchison Telecom managing director Agnes Nardi said the company would seek external financing for the project, but she declined to be more specific.

Last week Hutchison 3G became a successful bidder of the 3G auction in Hong Kong. Hutchison 3G HK, a subsidiary of Hutchison Whampoa Ltd and a unit of its wireless operations, is formed as the 3G licence holding company in Hong Kong. Hutchison 3G HK is jointly owned by Hutchison Whampoa Limited (74.63%) and NTT DoCoMo, Inc. (25.37%). NTT DoCoMo is also a joint venture partner in Hutchison 3G UK.

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