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2009-4-6 07:28:00 a.m. HKT, XFNA
DJ Cheung Kong Infrastructure May Buy Hutchison Whampoa's Debts
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| HONG KONG (Dow Jones)--Cheung Kong Infrastructure Holdings Ltd. (1038.HK) said late Friday it may acquire debts issued by parent Hutchison Whampoa Ltd. (0013.HK) that are worth up to HK$2.2 billion.
In a statement, Cheung Kong Infrastructure said it has recorded low returns on its surplus liquidity due to the economic downturn. As such, the company said it wants to invest in longer dated instruments, particularly good quality corporate bonds.
The proposed deal allows the firm to invest in debt securities issued by its parent, but they won't include zero coupon instruments. Instruments with imbedded options, or the right to convert into equity or derivatives are also excluded.
Cheung Kong Infrastructure said the proposed debt acquisition is subject to various conditions, including approval from independent shareholders.
-By Joyce Li, Dow Jones Newswires; 852-2802-7002; joyce.li@dowjones.com
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