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Hutchison Whampoa Disposes of Remaining Interest |
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18th May , 2004 |
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Inset show Hutchison House, the HQ building of Hutchison Whampoa in Hong Kong. HWCL and P&G established the initial joint venture in 1988 in Mainland China and together have built a very successful business. In 1997 by mutual agreement HWCL sold approximately 10% of its interest in P&G-H to a P&G subsidiary to enable P&G to increase its majority holding, and agreed with P&G on options for it to acquire HWCL's remaining 20% between 2007 and 2017. Today's agreement accelerates the sale of HWCL's remaining shareholding to our partner. Mr Simon To, Managing Director of HWCL commented, "HWCL has very successfully worked together with P&G for the past 16 years and will continue as P&G's main provider for imported products distribution, logistics and other services." Mr Canning Fok, HWL Group Managing Director, added, "This transaction represents the realisation of value of non-core asset of Hutchison. We are delighted to be able to continue our close association with P&G." |
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| TODAY'S
PRESS RELEASES |
ASIA
: Hutchison Whampoa (China) Limited ("HWCL"), a wholly owned
subsidiary of Hutchison Whampoa Limited ("HWL") has signed
an agreement with The Procter & Gamble Company and certain of
its subsidiaries ("P&G") today to sell its remaining
20% interest in the Mainland China joint venture Procter & Gamble-Hutchison
Limited ("P&G-H") for a cash consideration of US$2 billion
payable on completion scheduled in June 2004. On completion a gain
on sale of HK$13.7 billion will be realised.