GIC to invest 2.3 billion in Li Ka Shing's company

[shittypore]

NO wonder Li Ka SHing was bowing to Whore Jinx. She has all the money.

Bro, correction! she has all Sinkies money.

 

[Poomer]

Now we know inside this bag does not contain 白金, but all the investment proposal and agreement.

See her contented face?

 

[soikee]

Aiyo even lks driver also a more savvy investor than whore jinx....with a proven track record

She may pretend to look stupid, but 5% of 2.3b is 115m.

 

[eErotica69]

why are sinkies allowing their govt to use their money in anyway they want?????

This is not right at all..

Spot on jiu hu kia. So what are you going to do about it?

Protest behind your PC again?

Or be ball-less like your useless parents in matland and let UMNO screw them hard?

 

[syed putra]

NO wonder Li Ka SHing was bowing to Whore Jinx. She has all the money.

Just like LKY met Rosmah instead of Najib after 2008 malaysian election. Must know who has the balls in the family and runs the country,

 

[syed putra]

She may pretend to look stupid, but 5% of 2.3b is 115m.

I believe the normal rate is 2%. That will be enough to cover management fees at temasek.

 

[JohnTan]

Li Ka-Shing is probably Asia's best businessman. Ho Ching did the right thing by investing our money with him. Sit back and watch your CPF statement get bigger with each passing year.

 

[soikee]

Li Ka-Shing is probably Asia's best businessman. Ho Ching did the right thing by investing our money with him. Sit back and watch your CPF statement get bigger with each passing year.

Fuck you! If your Whore had not lost hundreds of billions of Dollars in 2007/2008, she wouldn't have to sell away the nation's jewels; two power stations to balance Temasick books.

 

[Leckmichamarsch]

Now I know why Li K S was here to pay LKY respect,,,,,,,,,,,

 

[Leckmichamarsch]

Deal was done during the state funeral.

Similarly, do not think that Thaksin came all the way to Sinkieland just to enjoy some bak kut teh.

Thaksin reeled in sg suckers lock stock n barrel.............. n cheif dealer S Iswaran has since been promoted to ministar
not unless medals given to the undeserving poodles in Little India riot

 

[aerobwala]

These are O2 information from FY2014 20F filing.

----
On January 23, 2015 Telefónica and Hutchison Whampoa Group agreed to enter into exclusive negotiations for the potential acquisition by the latter of Telefonica UK limited (Telefónica’s business in the UK (“O2 UK”)) for an indicative price in cash (firm value) of 10.25 billion pounds (approximately 13.5 billion euros); composed of (i) an initial amount of 9.25 billion pounds (approximately 12.2 billion euros) which would be paid at closing and (ii) an additional deferred payment of 1.0 billion pounds (approximately 1.3 billion euros) to be paid once the cumulative cash flow of the combined company in the United Kingdom has reached an agreed threshold.

The exclusivity period will last a specified period, allowing Telefónica and Hutchison Whampoa Group to negotiate definitive agreements, while Hutchison Whampoa Group completes its due diligence.

Revenue
2012.....Euros 7,042 million
2013.....Euros 6,692 million
2014.....Euros 7,062 million

Total revenues in 2014 increased 5.5% year-on-year to 7,062 million euros in reported terms (+0.2% year-on-year excluding foreign exchange rate effects).

> Mobile service revenues reached 5,397 million euros, down 1.2% year-on-year in reported terms (-6.2% excluding foreign exchange rate effects) negatively affected by the “Refresh” model, mobile termination rate cuts and roaming regulation. Excluding the impacts of, mobile termination rate cuts, (+0.4 p.p.), roaming regulation (+0.5 p.p.) and the new commercial model “Refresh” (+6.5 p.p.), mobile service revenues would have increased by 1.3% year-on-year as a result of the growth in mobile accesses and price stabilization. The “Refresh” model translates into more revenue from handset sales (even where the number of units sold are not increased), since handset sales are fully recognized upfront.

> Non-SMS data revenues rose 23.9% year-on-year (+17.6% year-on-year excluding foreign exchange rate effects), accounting for 57.9% of data revenues (+8.0 p.p. year-on-year).

> Data revenue recorded an increase of 1.5% year-on-year in 2014. Data revenue in 2014 accounted for 57% of mobile service revenue, 4 percentage points more than 2013.

Operating Income Before Depreciation Amortisation
2012.....Euros 1,602 million
2013.....Euros 1,637 million
2014.....Euros 1,744 million

Operating Income Before Depreciation Amortisation in 2014 totaled 1,744 million euros, up by 6.5% in reported terms (+1.1% excluding the foreign exchange rate impact), due to higher revenues and cost control partially offset by the negative contribution of the “Refresh” model.

Operating Income Before Depreciation Amortisation stood at 1,637 million euros in 2013, representing a year-on-year increase of 2.2% in reported terms (+7.0% excluding the impact from exchange rate differences). Year-on-year performance was positively affected by the capital gain of 83 million euros from the fixed consumer business disposal offset partially by the negative impact of restructuring expenses (48 million euros). In addition, OIBDA performance reflects the acceleration in the recording of hardware sales from the “Refresh” model, partially mitigated by the higher upfront commercial costs resulting from the model.

Operating Income
2012.....Euros 607 million
2013.....Euros 621 million
2014.....Euros 623 million

Operating Cash Flows
2012.....Euros 854 million
2013.....Euros 252 million
2014.....Euros 989 million

-----

 

[Depay]

Remember to buy high and sell low

 

[aerobwala]

8th May 2015
Hutchison Whampoa Limited​

DISCLOSEABLE TRANSACTION – SUBSCRIPTION BY
CO-INVESTORS OF SHARES IN
THE COMBINED BUSINESS OF 3 UK AND O2 UK​

SUMMARY

The Board is pleased to announce that on 8 May 2015, the Company and MergeCo (as at the date of this announcement, an indirect wholly owned subsidiary of the Company) entered into a Subscription Agreement with the Co-Investors pursuant to which the Co-Investors have conditionally agreed to pay cash of up to £2,770,212,766 (equivalent to approximately HK$32,743,914,894), payable on or about the date of Completion (the “Co-Investor Subscription Amount”) to subscribe for ordinary shares in MergeCo, representing approximately 32.98% of the issued share capital of MergeCo at Completion.

Pursuant to the Shareholders’ Agreement, a potential further amount in cash of up to £329,787,234 (equivalent to approximately HK$3,898,085,106), being the Co-Investors’ pro rata portion, is payable by the Co-Investors in the event that MergeCo is obliged to make or procure the making of certain deferred upside interest sharing payments to Telefónica, S.A. under the O2 SPA, further details of which are set out in the section headed “Potential Deferred Upside Interest Sharing Payments to Telefónica, S.A.” below (the “Further Co-Investor Subscription Amount”).

LISTING RULES IMPLICATIONS

As at the date of this announcement, MergeCo is an indirect wholly owned subsidiary of the Company. Upon Completion, MergeCo will hold the Combined Business, and will be indirectly held as to approximately 67.02% by the Company and approximately 32.98% by the Co-Investors. As the percentage equity interest of the Company in MergeCo will be diluted from 100% to approximately 67.02%, the Subscription constitutes a deemed disposal under Rule 14.29 of the Listing Rules.

As one or more of the applicable percentage ratios (as set out and calculated under Rule 14.07 of the Listing Rules) in respect of the Subscription is more than 5% but all are less than 25%, the Subscription constitutes a discloseable transaction of the Company and is therefore subject to the reporting and announcement requirements under Chapter 14 of the Listing Rules.

As Completion is conditional on the satisfaction (or, if applicable, waiver) of certain conditions, the Subscription may or may not proceed. Shareholders and potential investors should exercise caution when dealing in the shares of the Company.


A. THE SUBSCRIPTION

1 INTRODUCTION

The Board is pleased to announce that on 8 May 2015, the Company and MergeCo (as at the date of this announcement, an indirect wholly owned subsidiary of the Company) entered into a Subscription Agreement with the Co-Investors pursuant to which the Co-Investors have conditionally agreed to pay the Co-Investor Subscription Amount to subscribe for ordinary shares in MergeCo, representing approximately 32.98% of the issued share capital of MergeCo at Completion, and to enter into the Shareholders’ Agreement (further details of which are set out in the section headed “Shareholders’ Agreement” below).

Pursuant to the Shareholders’ Agreement, the Co-Investors may be required to pay the Further Co-nvestor Subscription Amount, being the Co-Investors’ pro rata portion, in the event that MergeCo is obliged to make or procure the making of certain deferred upside interest sharing payments to Telefónica, S.A. under the O2 SPA.

Upon Completion, MergeCo will be indirectly held as to approximately 67.02% by the Company and approximately 32.98% by the Co-Investors. MergeCo will at Completion, remain a subsidiary of the Company.

2 PRINCIPAL TERMS OF THE SUBSCRIPTION AGREEMENT

The terms and conditions of the Subscription Agreement, including the consideration payable, were determined on an arm’s length basis and are on normal commercial terms.

Date: 8 May 2015

Parties
(i) The Company
(ii) MergeCo
(iii) CPPIB
(iv) the GIC Investor
(v) Limpart
(vi) CDPQ
(vii) BTGI and BTG Pactual GPIF1

Subscription Amount
The Co-Investors have conditionally agreed to pay the Co-Investor Subscription Amount to subscribe for ordinary shares in MergeCo, representing approximately 32.98% of the issued share capital of MergeCo at Completion, and to enter into the Shareholders’ Agreement.

The Company will ensure that the HWL Subscriber(s) subscribe, on Completion, for ordinary shares in MergeCo (which, when aggregated with currently held shares in MergeCo, will represent approximately 67.02% of the issued share capital of MergeCo) at the subscription amount of £5,629,000,000 (equivalent to approximately HK$66,534,780,000) to be satisfied by the contribution of up to £279,787,234 (equivalent to approximately HK$3,307,085,106) in cash and the injection of its entire interest in the 3 UK Business.

Consideration
The total cash consideration for the Subscription by the Co-Investors is the Co-Investor Subscription Amount. Such consideration was determined by reference to, among other things, the anticipated financial position and performance of the Combined Business, and is based on arm’s length negotiations between the parties.

Conditions
Completion is conditional on the satisfaction or waiver of certain conditions (the “Conditions”), including, among other things: (i) the satisfaction or waiver of all the conditions precedent set forth in the O2 SPA, or their satisfaction or waiver subject only to completion of the O2 Acquisition; and (ii) completion of the Planned Reorganisation.

Should any of the Conditions not be satisfied or waived by the tenth Business Day after the Long Stop Date, the Subscription Agreement will automatically terminate unless the parties agree otherwise in writing. In the event that the Subscription Agreement is terminated, further announcement(s) will be made as and when appropriate in accordance with the Listing Rules.

Completion
Completion shall take place following the satisfaction or waiver of all the Conditions.

Directors
The Directors confirm that to the best of their knowledge, information and belief, having made all reasonable enquiries, each Co-Investor and each Co-Investor’s ultimate beneficial owner(s) are third parties independent of the Company and the connected persons of the Company (as defined in the Listing Rules).

#
#
#

D. INFORMATION ABOUT THE GROUP

The Group operates and invests in six core businesses: ports and related services, property and hotels, retail, infrastructure, energy, and telecommunications.

MergeCo was incorporated on 3 March 2015. Accordingly, it had no net asset value as at 1 January 2015, and has not recorded any profit or loss for either of the financial years ended 31 December 2013 or 31 December 2014 respectively.

O2 UK Business
The unaudited net asset value of the O2 UK Business was £6.9 billion as at 31 December 2014. The unaudited net profit (before taxation) of the O2 UK Business for the years ended 31 December 2013 and 31 December 2014 was £378 million and £373 million respectively. The unaudited net profit (after taxation) of the O2 UK Business for the years ended 31 December 2013 and 31 December 2014 was £303 million and £290 million respectively.

The financial figures of the O2 UK Business set out in this announcement are derived from the unaudited financial information of the O2 UK Business prepared using the accounting policies of Telefónica, S.A., which are in accordance with IFRS as adopted for use in the European Union, and do not take into account the contemplated pre-Completion reorganisation of certain parts of the O2 UK Business.

3 UK Business
The audited net liability value (including shareholders’ loans) of the 3 UK Business was £5.2 billion as at 31 December 2014. The audited net profit (before taxation) of the 3 UK Business for the years ended 31 December 2013 and 31 December 2014 was £166.5 million and £281.7 million respectively. The audited net profit (after taxation) of the 3 UK Business for the years ended 31 December 2013 and 31 December 2014 was £337.6 million and £445.3 million respectively.

The financial figures of the 3 UK Business set out in this announcement are derived from the audited financial information of Hutchison 3G UK Limited, which is prepared in accordance with UK GAAP.

E. INFORMATION ABOUT THE CO-INVESTORS

CPPIB is a global investment management organization that invests the funds not needed by the Canada Pension Plan to pay current benefits on behalf of contributors and beneficiaries.

The GIC Investor is an Affiliate of GIC Private Limited, a sovereign wealth fund established in 1981 by the Singapore Government.

Limpart is a wholly owned subsidiary of the Abu Dhabi Investment Authority.

CDPQ is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans.

BTGI and BTG Pactual GPIF1 are Affiliates of BTG Pactual, a global financial firm headquartered in São Paulo.

G. DEFINITIONS

“Co-Investors”
(i) Canada Pension Plan Investment Board (“CPPIB”);
(ii) Evening Gold Investment Pte. Ltd., an Affiliate of GIC Private Limited (the “GIC Investor”);
(iii) Limpart Holdings Limited, a wholly owned subsidiary of the Abu Dhabi Investment Authority (“Limpart”);
(iv) Caisse de dépôt et placement du Québec (“CDPQ”); and
(v) BTG Investments, L.P. (“BTGI”) and BTG Pactual Global Partnership Investing Fund 1 LP (“BTG Pactual GPIF1”)

“MergeCo”
Hutchison 3G UK Holdings (CI) Limited, a company incorporated in the Cayman Islands having its registered office at Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands

“O2 Acquisition”
the proposed acquisition of the entire issued share capital of Telefonica Europe plc pursuant to the O2 SPA

“O2 SPA”
the agreement entered into on 25 March 2015 between Telefónica, S.A., Hutchison 3G UK Investments Limited and MergeCo for the sale and purchase of the entire issued share capital of Telefonica
Europe plc

“O2 UK Business”
the telecommunications business carried on by Telefonica Europe plc group in the UK, primarily under the commercial brand ‘O2’

“Planned Reorganisation”
the steps required to reorganise certain Group companies engaged in the 3 UK Business so as to transfer under the direct or indirect ownership of MergeCo the following companies prior to Completion: (i) Hutchison 3G UK Holdings Limited, (ii) Hutchison 3G UK Limited, (iii) Advanced Telecoms Debt Collection Services Limited, (iv) 3 UK Retail Limited, (v) ID Communications Limited, (vi) Fanster Gain Limited, (vii) Hong Kong Finco, (viii) Hutchison 3G UK Investments Limited, (ix) Mobile Broadband Network Limited and (x) Digital Mobile Spectrum Limited

“3 UK Business”
the telecommunications business carried on in the UK by Hutchison 3G UK Limited, an indirect wholly owned subsidiary of the Company, under the commercial brand ‘3’

http://www.irasia.com/listco/hk/hutchison/announcement/a141367-e_hwl_discloseabletransactionannouncement_8may2015.pdf

 

[laksaboy]

Thaksin reeled in sg suckers lock stock n barrel.............. n cheif dealer S Iswaran has since been promoted to ministar
not unless medals given to the undeserving poodles in Little India riot

Iswaran the fat businessman crony PAP dog always does his wheeling and dealing for the Leegime... he was also the one who sucked up to Bernie Ecclestone during negotiations for the Singapore F1 race. Same for the casino ('integrated resorts') negotiations. The SIA-Tata joint-venture Indian airline.

 

[GoldenDragon]

Iswaran the fat businessman crony PAP dog always does his wheeling and dealing for the Leegime... he was also the one who sucked up to Bernie Ecclestone during negotiations for the Singapore F1 race. Same for the casino ('integrated resorts') negotiations. The SIA-Tata joint-venture Indian airline.

Still, only a 2nd minister here-n-there.

 

[Thick Face Black Heart]

Singapore Sovereign Wealth Fund continues to buy from old fox from Li Ka Shing.

Chances are GIC will get fucked and some more CPF fund will go up in smoke.

GIC to invest S$2.3 billion to acquire stake in Li's Three and O2 UK

No wonder Li was one of the earliest to cum to pay visit to Old Bastard's coffin.

GIC and Temasek are excellent at artificially propping up failing or failed businesses and bailing out foreign tycoons. I hope the 60.1% one day will know what they are paying for.

 

[Semaj2357]

Iswaran the fat businessman crony PAP dog always does his wheeling and dealing for the Leegime... he was also the one who sucked up to Bernie Ecclestone during negotiations for the Singapore F1 race. Same for the casino ('integrated resorts') negotiations. The SIA-Tata joint-venture Indian airline.

he still has the interests of temasick at heart, afterall he and hwee hua were managing directors before they went into politics - old habits die hard