The Board of Hutchison Telecom Approves Conditional Interim Dividend and Proposed Spin-Off
04 Marzo 2009 - 5:16AM
PR Newswire (US)
By Way of Distribution In Specie of the Entire Share Capital of the
Hong Kong and Macau Operations' Holding Company Conditional on the
Holding Company's Successful Separate Listing on Hong Kong Stock
Exchange HONG KONG, March 4 /PRNewswire-Asia-FirstCall/ --
Hutchison Telecommunications International Limited ('Hutchison
Telecom'; 'the Company'; HKEx: 2332; NYSE: HTX) today announced the
Board's approval of a conditional interim dividend and proposed
spin-off by way of a distribution in specie of the entire share
capital of Hutchison Telecommunications Hong Kong Holdings Limited
('HTHKH'), the holding company of the Company's Hong Kong and Macau
operations ('Distribution'). The Distribution is conditional on the
separate listing of HTHKH on the Main Board of The Stock Exchange
of Hong Kong Limited ('Stock Exchange') by way of introduction,
involving no initial public offering of shares or raising of new
capital ('Listing'). The Listing is subject to approval by the
Listing Committee of the Stock Exchange. On Listing, HTHKH intends
to establish a sponsored but unlisted American Depositary Share
Level 1 programme to be traded over-the-counter for the Company's
ADS holders who will receive the HTHKH ADSs. Since its listing in
2004, Hutchison Telecom's goal has been to create and deliver value
to its shareholders while growing its emerging markets operations.
To this end, it has returned in total cash dividends of HK$13.65
per share to shareholders, more than doubled to the share price at
its initial public offering in October 2004. It is in furthering
this effort that the Company has taken the initiative announced
today. The Company believes that the Distribution and the Listing
will unlock the value of HTHKH, a cash-generating asset of the
Company and be beneficial to the Company and its shareholders as a
whole. Dennis Lui, Chief Executive Officer of Hutchison Telecom
said: "We believe that the Distribution and the Listing will
benefit Hutchison Telecom, HTHKH and all our shareholders. Our Hong
Kong and Macau operations have been generating solid cash flow and
profitability to the Group, yet their contribution and value are
unrecognised. From this initiative the individual values of HTHKH
and Hutchison Telecom with its remaining operations will be better
recognised and reflected by their respective public market
valuations. Further, the Distribution enables our shareholders to
participate in the ownership of, and enjoy the returns from, two
listed telecom stocks of distinctively different strategy and
growth path." "Hutchison Telecom will remain a telecom company
focusing on growth in its emerging markets operations. Our
Indonesian operation registered more than doubled growth in
customer base in 2008 and is well-positioned to sustain this
momentum as its network expands. Our Vietnam operation is primed
for nationwide GSM launch this month and looks forward to
establishing quickly a strong foothold in a high growth market."
said Mr Lui. Further announcements in relation to the Distribution
and the Listing including the record date, the total number of
HTHKH shares to be distributed, distribution ratio, expected date
of Listing, definition of qualifying Hutchison Telecom shareholders
for the Distribution will be made in due course. Detailed
instructions for Hutchison Telecom's ADS holders and overseas
shareholders regarding the Distribution will also be announced.
About Hutchison Telecommunications International Limited Hutchison
Telecommunications International Limited ('Hutchison Telecom' or
'the Group') is a leading global provider of telecommunications
services. The Group currently offers mobile and fixed-line
telecommunication services in Hong Kong and Israel, and operates
mobile telecommunications services in Macau, Indonesia, Vietnam,
Sri Lanka and Thailand. It was the first provider of 3G mobile
services in Hong Kong and Israel and operates brands including
"Hutch", "3" and "Orange". Hutchison Telecom is a listed company
with American Depositary Shares quoted on the New York Stock
Exchange under the ticker HTX and shares listed on the Stock
Exchange of Hong Kong under the stock code 2332. A subsidiary of
the Hong Kong-based Hutchison Whampoa Group, Hutchison Telecom is
dedicated to providing superior telecommunications services in
dynamic markets. For more information about Hutchison Telecom, see
http://www.htil.com/ . Cautionary Statements This press release
contains forward-looking statements. Statements that are not
historical facts, including statements about the beliefs and
expectations of Hutchison Telecommunications International Limited
('the Company'), are forward-looking statements. These statements
are based on current plans, estimates and projections, and
therefore you should not place undue reliance on them.
Forward-looking statements speak only as of the date they are made,
and the Company undertakes no obligation to update publicly any of
them in light of new information or future events. Forward-looking
statements involve inherent risks, uncertainties and assumptions.
The Company cautions you that if these risks or uncertainties ever
materialise or the assumptions prove incorrect, or if a number of
important factors occur or do not occur, the Company's actual
results may differ materially from those expressed or implied in
any forward-looking statement. Additional information as to factors
that may cause actual results to differ materially from the
Company's forward-looking statements can be found in the Company's
filings with the United States Securities and Exchange Commission.
For enquiries, please contact: Mickey Shiu Corporate Communications
/ Investor Relations Hutchison Telecom Tel: +852-2128-3107 Mobile:
+852-9092-8233 Email: DATASOURCE: Hutchison Telecommunications
International Limited CONTACT: Mickey Shiu, Corporate
Communications or Investor Relations of Hutchison Telecom,
+852-2128-3107 or mobile, +852-9092-8233, or Web Site:
http://www.htil.com/
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