Hutch Italian listing could be delayed

18 Nov 2005

Hutchison Whampoa says there have been delays in obtaining approval from the Hong Kong stock exchange to list H3G Italia on the Italian bourse. The deal is reportedly coming under heavier-than-expected scrutiny from the stock market watchdog, though the group remains confident of a listing before the end of the year. The IPO of the Italian wireless business is part of Hutch’s plans to recoup some of the USD22 billion it has invested in its 3G operators worldwide. Hutch, controlled by Hong Kong billionaire Li Ka-shing, plans to sell as much as 25% of the company in the hope of raising up to EUR2.5 billion (USD3.04 billion). Existing Hutchison Whampoa shareholders will be given preferential rights to H3G Italia shares.

Italy, 3 Italia (H3G Italia), CK Hutchison