ICGE/Hutchison Whampoa announce the financials of ICG AsiaWorks transaction
Friday March 10, 5:18 pm Eastern Time
Company Press Release
Internet Capital Group and Hutchison Whampoa Announce the Financials of the ICG AsiaWorks Transaction
HONG KONG--(BUSINESS WIRE)--March 10, 2000--Following the announcement made by Internet Capital Group (Nasdaq:ICGE - news), a leading business-to-business e-commerce company, and Hutchison Whampoa Ltd. (Hutchison), a US$65 billion Hong Kong based multi-national conglomerate, the companies would like to disclose the financials behind the ICG AsiaWorks transaction.
Acquisition Consideration
ICG US$116.8 mm
Hutchison US$17.6 mm
Li Ka-shing Foundation US$10.6 mm
Shareholding post-completion:
Internet Capital Group 55 per cent
Hutchison 15 per cent
Li Ka-shing Foundation 5 per cent
Share prices
Acquisition price HK$0.30
Closing share price (as of suspension) HK$1.23
Closing share price of investor companies
Internet Capital Group (NASDAQ:ICGE - news) as at 03/10 US$$143.56
Hutchison Whampoa Ltd. (HK:13) as at 03/10 HK$146.50
Opening and closing stock price of ICG AsiaWorks
Opening stock price as at 10.00 am on 10/03 HK$9.00
Closing stock price as at 4.00 pm on 10/03 HK$7.85
ICG AsiaWorks
ICG, Hutchison, and Li Ka-shing Foundation Limited are acquiring a combined controlling stake in a listed company on the Hong Kong Stock Exchange, Harbour Ring International Holdings (HK: 715), and renaming it ICG AsiaWorks Limited. ICG will be the majority shareholder. Closing is conditional upon the approval of the transaction by the shareholders of Harbour Ring (if required by the Hong Kong Stock Exchange or the Securities and Futures Commission, the independent shareholders), listing approval from the Hong Kong Stock Exchange and the granting of a whitewash waiver from the Securities and Futures Commission, as well as certain other conditions.
ICG AsiaWorks will acquire and build leading Asian-based B-2-B market makers and infrastructure companies, such as digital exchanges, consulting firms, software companies, and outsourced service providers. In addition, ICG AsiaWorks will operate several business incubation centers in Hong Kong and Greater China that will serve as a platform for bringing Internet Capital Group's market makers and partner companies to Hong Kong and Greater China. The incubation centers will also start new Asian-based companies. ICG AsiaWorks will accelerate the development of these companies by providing strategy, technology and executive recruiting, in addition to the global operational expertise of ICG's executive team and 55 partner companies.
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