CK Hutchison expands in multi-front drive by Jennifer Li
Li Ka-shing-chaired conglomerate CK Hutchison (0001) is expanding on several fronts.
Eversholt Rail Group, a British firm fully owned by a joint venture of Cheung Kong Infrastructure Holdings (1038), spent HK$4.3 billion to buy 173 new trains, CKI said yesterday. CK Hutchison holds 75.67 percent of CKI. Eversholt is one of three major rolling stock firms in Britain.
Meanwhile, CK Hutchison is combining its wireless businesses in Italy with Europe-based VimpelCom to create the nation's largest mobile-phone firm, Bloomberg reported.
In Hong Kong, CK Hutchison is strengthening its online travel business. Hutchgo.com rebranded last month and launched its first promotion yesterday. Local and Macau clients who spend more than HK$500 at one time in ParknShop will receive a HK$500 discount coupon for a Hong Kong- Okinawa round trip air ticket from Hong Kong Airlines.
Hutchgo changed its name from Hutchison-Priceline last month after CK Hutchison fully acquired the joint venture from US booking firm Priceline.
Hutchgo chief executive Tony Ma Chung-kit said it will try to create more synergy with sister companies under Hutchison, and is now exploring the mainland market by cooperating with Chinese online-booking firm Qunar.com.
CK Hutchison shares rose 0.63 percent to HK$112.40 yesterday, while CKI gained 1.37 percent to HK$66.80.
Source: The Standard HK