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Hutchison chasing 3G capital downunder

Hutchison chasing 3G capital downunder

(Australia) - Hutchison Telecom Australia (HTAL) is looking for a A$600 million rights issue as a means of funding its Australian 3G network plans. Funds raised are to be applied to the Company's equity commitment to the joint venture Company established under its 3G alliance with partner New Zealand Telecom.

Spectrum for the 3G mobile network reportedly becomes available to the Company October, with trials starting soon thereafter and commercial operations beginning most likely early in 2003. Ericsson is the selected network supplier.

ABN Amro Rothschild and Salomon Smith Barney have been mandated as joint lead managers for the rights issue.
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