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To: marginmike who wrote (34076)	7/6/1999 10:12:00 AM
From: Ruffian	Respond to of 152472

Cdma News> July 6, 1999 Dow Jones Newswires Hutchison Telecom Australia Gets A$340M Network Financing SYDNEY -- Hutchison Telecommunications Australia Ltd. has raised A$340 million in financing to develop its mobile telephone network in Australia. The financing came from co-arrangers Citibank and WestLB that led a group of 12 local and international banks, Hutchison said in a statement. Hutchison plans to use the loan facility to build on its Code Division Multiple Access, or CDMA, network, which it is currently setting up in Melbourne and Sydney, Hutchison Telecommunications Managing Director Barry Roberts-Thomson said. Hutchison Telecommunications is a 70%-owned unit of Hong Kong's Hutchison Whampoa (H.HUW). The other 30% is held by Leanrose Pty., the family-owned company of Roberts-Thomson. Hutchison Whampoa is controlled by Cheung Kong (Holdings) Ltd. (H.CKH) of Hong Kong. "Hutchison plans to market a multi-purpose mobile phone, which makes local calls charged at normal local call rates as well as mobile calls, depending on customer's location," Roberts-Thomson said. "This is designed to meet demand for additional voice lines as more customers dedicate their existing fixed lines to Internet usage," he said. The CDMA network is being supplied by Samsung Electronics Co. Ltd. (Q.SSE) of South Korea. Hutchison Whampoa Managing Director Canning Fok Kin-ning said recently his company was studying plans to spin-off its mobile telephone business in Australia. Reports in the press in Australia have pegged the value of the potential initial public offering close to A$1 billion.