Hutchison gets approval to list 3G operation in Italy

Hong Kong conglomerate Hutchison Whampoa Ltd. said Wednesday it had got approval to launch the initial public offering (IPO) of its third-generation (3G) mobile phone operation in Italy.

Italy's securities regulator Consob on Tuesday gave green light to the IPO of 3 Italia SpA ("3 Italia"), Hutchison's Italian 3G unit, said a statement issued Wednesday by the Hong Kong-based group.

Hutchison, holding 95 percent of 3 Italia, planned to list the company's shares on the Italian stock exchange in the first quater of this year.

The price of the IPO shares, however, has yet to be approved by 3 Italia's Board of Directors.

Hutchison did not reveal the amount of money the company expected to raise from the listing.

Investing in various fields from ports to telecommunications, Hutchison has expanded 3G operation in overseas markets, including those of Britain, Australia, Austria, Ireland, Denmark, Sweden and Israel.

The 3G mobile phone relies on advanced 3G networks for high- speed mobile telecommunications, media, Internet and data services.

Source: Xinhua