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FOR IMMEDIATE RELEASE:
(Hong Kong and Singapore 26 May, 2002) -- Singapore Technologies Telemedia Pte. Ltd. (ST Telemedia) and Hutchison Whampoa Ltd. (HWL) confirmed today that they have ended their discussions with Global Crossing's creditors and its banks without reaching a definitive agreement on a stock purchase plan. The companies had agreed to extend the deadline until 24 May, 2002 (US Time) in an effort to reach an agreement.
During the past five months, both ST Telemedia and HWL have invested a significant amount of time, effort and resources in trying to reach an agreement with Global Crossing's creditors and banks. While progress was made, major differences among the parties remained. In particular, both HWL and ST Telemedia's views on the terms of the transaction for Global Crossing differed from those of the banks and creditors.
ST Telemedia and HWL will keep all of their options open and make a determination about their involvement as events warrant.
Editorial Contact:
Hutchison Whampoa Limited
Nora Yong
Pager: (852) 7229 4992
Tel: (852) 2128 1363
Email: noray@hwl.com.hk
Singapore Technologies Telemedia
Melinda Tan
Tel: (65) 9852 6767
Email: tanmelinda@stt.st.com.sg
Editors' Note:
About Hutchison Whampoa
Hutchison Whampoa Ltd (HWL) is a Hong Kong-based multinational conglomerate with origins dating back to the 1800s. HWL is also part of the Li Ka-shing group of companies, which together represent about 15% of the total market capitalization of the Hong Kong stock market. In 2001, HWL's consolidated turnover (including associates) was HK$89,038 million and net profit was HK$12,088 million.
With over 100,000 employees worldwide, HWL operates and invests in five core businesses in 36 countries: ports and related services; telecommunications; property and hotels; retail and manufacturing; and energy and infrastructure. For more information, visit www.hutchison-whampoa.com
About Singapore Technologies Telemedia
Incorporated in 1994, Singapore Technologies Telemedia (ST Telemedia) is a leading information-communications group in Singapore. The company has three major business focuses: Data & Voice, Broadband & Multimedia and e-Services.
Through its diverse group of leading innovative companies, ST Telemedia provides such services as fixed and mobile telecom services, wireless data communications services, Internet mobile services, managed IP network services, managed hosting services, satellite services, and enhanced broadband and multimedia services.
ST Telemedia aims to become one of the leading global data and IP-centric Information-communications groups. It is a wholly-owned subsidiary of the Singapore Technologies group, a leading technology-based multinational conglomerate. For more information, visit www.stt.st.com.sg
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