Hutchison Whampoa wants to raise a higher than expected Euro2.5bn ($3bn) from the Milan listing of its Italian third-generation mobile business. The move will be the first test of investor's belief in the earnigs growth potential of 3G.
Apparently, the Hong Kong conglomerate controlled by Li Ka-shing, Asia's richest tycoon, had put a valuation of Euro1.8-2.5bn on the sale of 20-25% stake in 3 Italia in documents filed with regulators.
This could even mean that Li Ka-shing may be canner than anyone ever expected. After all, his 3rd Generation wirless network now seems to be proving a success. Their Italian business has already mustered 4.5m subscribers and their UK company, expected to IPO next year, is not far behind.
Who knows, Hutchison Whampoa may even make a half decent return on their Euro18bn foray into 3G.
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