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Cheung Kong, Hutchison to Buy BOC Shares
2002/07/10

Cheung Kong (Holdings) Ltd. and Hutchison Whampoa Ltd., two companies owned by billionaire Li Ka-shing, will buy shares in BOC Hong Kong (Holdings) Ltd., Li said.

The two companies will buy a ``substantial amount'' of shares in BOC Hong Kong, more than those Standard Chartered Plc has agreed to purchase, Li said at a press briefing. Standard Chartered is paying $50 million for less than 2.5 percent of BOC Hong Kong's stock being sold.

"We are confident in the Bank of China," Li said.

BOC Hong Kong, the listing company of Bank of China (Hong Kong) Ltd., a unit of China's biggest foreign-currency lender, is selling as much as $2.8 billion of shares in Hong Kong this month. The company began international marketing of the shares Monday in Singapore. The lender will price the shares July 22 and list in Hong Kong on July 25.

"It's not appropriate for us to comment during the prelisting period,'' Clarina Man, spokeswoman at Bank of China (Hong Kong), said in response to Li's purchase plans.

Spokesmen for sale arrangers Goldman Sachs Group Inc. and UBS Warburg also declined to comment.

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