Last week the company raised $1.76bn from the sale of its 20% stake in a joint venture with consumer products group Procter & Gamble in China and speculation in Hong Kong suggest it will raise around $2bn from the sale of shares in Hutchison Telecommunications International Ltd.
Apart from fixed and mobile communications assets in Hong Kong, the company has stakes in operators in Hong Kong, India, Thailand, Israel, Sri Lanka, Paraguay, Ghana, and Macau.
The financial burden of its 3G operations in Western Europe, where it was a late arrival in a crowded and competitive market, has long been a worry with frequent reports that minority shareholders NTT DoCoMo wants to sell its stake in the operation.
An official for Hutchison 3G in London refused to comment on the reports, apart from confirming that it was not part of the assets due to be floated in Hong Kong.
Losses from the 3G operation were $2.3bn in 2003 and are likely to rise to a peak this year so proceeds from an IPO of the traditional telecoms operations will provide a welcome boost to Hutchison’s balance sheet.
