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Extra 3G Monies for 3

12th May , 2004

ASIA : Hutchison Whampoa, which owns 3G mobile operator 3, is selling its part stake in one of its venture companies - Proctor and Gamble.

Inset is Li Ka-shing the owner of Hutchison Whampoa whose HQ is based in Hong Kong.

It is believed the sale will offset 3's losses in 2004 for the whole group i.e. 3 Australia, 3 Denmark, 3 Hong Kong, 3 Ireland, 3 Israel, 3 Italy, 3 Austria, 3 Sweden and 3 UK. The sale is expected to raise much needed capital of around US $1.8 Billion.

It was also suggested that Hutchison may also dispose of other non-core operations to boost the treasure chest.

Chairman of 3, Canning Fok, told the standard newspaper in Hong Kong that the company had no intention of pulling out of the 3G telecoms arena.
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