Hutch gets green light for spin-off

25 Jun 2004

Hutchison Whampoa has won a waiver from the Hong Kong Exchange’s listing committee that will allow the group to proceed with its plan to spin off its emerging markets telecoms assets, despite initial resistance from the body. Hutchison wants to move its telecoms assets in Hong Kong, Ghana, India, Israel, Macau, Paraguay, Sri Lanka and Thailand into a newly created subsidiary to be floated on the exchange. Hutchison is believed to be seeking around USD1 billion from the flotation. The bulk of the money raised will be put towards the group’s USD20 million-plus bill for its 3G operations in Europe and Asia.

Thailand, Digital Total Access Communication (DTAC)