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February 23, 1988

CABLE & WIRELESS TO ANNOUNCE JOINT-VENTURE WITH HUTCHISON WHAMPOA

By CBR Staff Writer

Cable & Wireless Plc will shortly announce an equally-owned three-way joint venture with Hutchison Whampoa Ltd and China International Trust & Investment Corp to establish satellite television services for the People’s Republic and other Asian countries, reports the Financial Times: the partners will invest some $150m in the project, which will buy from Lloyds of London a satellite that had not gone into its assigned orbit and had been retrieved from space, get it refurbished by General Motors’ Hughes Aircraft unit, and send it back up again on China’s Long March rocket; ironically, Hutchison Whampoa is teamed with Cables’ arch rival British Telecom on a cable TV venture in Hong Kong – but Hutchison is controlled by Li Kashing, who holds a 4.9% stake in Cables.

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