HK Sunday next-generation network funding revealed

September 17, 2003

Hong Kong's Sunday Communications hopes to benefit from improved investor sentiment to raise HK$1 billion to finance its planned launch of 3G mobile services at the end of 2004, the South China Morning Post reports.

The financing would combine loans with vendor credits, Managing Director Bruce Hicks said, and would replace existing vendor finance of HK$547 million that must be paid to Nortel Networks by next year. The financing would come in the first or second quarter of 2004.

Sunday last week reported its first-ever profit of HK$13 million, for the first half of 2003, as it settled HK$119 million of debt, cutting net debt to HK$493 million as of June, the paper says.

Sunday's major shareholders are Distacom Communications (46.2%) and USI Holdings (13.1%). Distacom is a private holding company with interests in multiple wireless investments. USI invests in three areas of operation are apparel, property and communications.

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HK Sunday next-generation network funding revealed

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