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Hutchison Whampoa to sell Aussie stocks
Email Printer friendly version Normal font Large font October 10, 2007 - 11:09PM

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Hutchison Whampoa, the conglomerate controlled by Hong Kong billionaire Li Ka-shing, said a listed Australian telecoms unit will sell shares worth $A330.64 million to a subsidiary of Telecom Corp of New Zealand Ltd.

Hutchison Telecoms Australia had agreed to issue stock and options to the New Zealand firm's subsidiary, Telecom 3G (Australia) Ltd, Hutchison Whampoa said in a statement.

Hutchison Whampoa expects to book a profit of HK$900 million $US116 million ($A129.17 million)) from the deal, which involves the sale of both new and old shares as well as stock options.

After the deal, Telecom NZ would own 10 per cent of Hutchison Telecoms Australia. Should Telecom NZ choose to exercise the options it gets, it could potentially own up to 19.94 per cent of the firm.

© 2007 Reuters, Click for Restrictions


found this article....im glad i brought in now because when they go up im sure they wont stop....