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(Hong Kong, 12 June 2003) - Hutchison Whampoa Limited ("Hutchison") confirms that it has, on 2nd June 2003, instituted legal proceedings in the Commercial Court in London against KPN Mobile ("KPN") to establish the validity of a funding call made by Hutchison 3G UK Limited ("H3G UK") on its shareholders in the aggregate sum of £1 billion. Hutchison is of the view that KPN is in material breach of a shareholders agreement relating to H3G UK in failing to provide its pro-rata share of £150 million of the funding. Hutchison is also claiming damages against KPN.
Hutchison has also received a notice from KPN which (i) asserts that Hutchison has breached the shareholders agreement by providing funding to H3G UK and (ii) seeks to require Hutchison to buy KPN's shares in H3G UK.
Hutchison does not consider KPN's notice to have any merit or substance.
For further information, please contact:
Laura Cheung
Tel: (852) 2128 1289
Fax: (852) 2128 1766
Website: www.hutchison-whampoa.com
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