Hutch confirms 2G IPO

6 Sep 2004

Hutchison Whampoa on Friday filed plans for an IPO of its 2G phone businesses in eight markets with the US Securities and Exchange Commission. Hutch is planning a dual listing in the US and Hong Kong to sell up to 30% of its 2G mobile subsidiary Hutchison Telecom International Ltd (HTIL) to help offset losses incurred by its 3G businesses. HTIL oversees operators in Asia, Ghana, Israel and Paraguay. Goldman Sachs is co-ordinating the share offering.