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8 October 2002
Statement from Mr Frank Sixt, Group Finance Director of HWL
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In response to some inaccurate media reports published to-day in the local press, Hutchison Whampoa Group Finance Director Mr. Frank Sixt today issued the following statement : |
(1) 3G Valuation
The Group's 3G businesses are commencing operations. The Group has considered and does not currently intend to take any write-down in respect of any of those businesses, nor do we foresee any reason for doing so in the future.
(2) Kruidvat Acquisition Financing
The Group has today received a firm underwriting commitment for a Euro 760 Million equivalent 5 year syndicated term loan facility from mandated lead arrangers ABN Amro NV, Bayerische Landesbank (Hong Kong Branch), Co-operative Central Raiffeisen-Boerenleenbank BA (Hong Kong Branch) and ING Bank NV. Proceeds of this loan will fund the Kruidvat group acquisition by HWL.
(3) Financing
The Group has no further current financing requirements. All funding requirements, including all medium term re-financing requirements and all requirements for the Group's 3G businesses worldwide, are more than adequately covered by the Group's available liquid resources, which include over US$13 Billion in cash, money market and bonds and over US$3 Billion in equity securities. The Group does not need to and will not undertake any major financing activities unless market conditions improve substantially allowing us to achieve pricing that reflects the Group's strong financial position.
For further information, please contact:
Laura Cheung
Group Corporate Affairs
Tel: (852) 2128 1289
Fax: (852) 2128 1766
Website: www.hutchison-whampoa.com