LONDON-Hutchison 3G U.K., which is in the process of a phased third-generation service launch in the United Kingdom, has placed funding calls to equity partners NTT DoCoMo Inc. and KPN Mobile for commitments to provide additional funding through shareholder loans.
Hutchison has asked NTT DoCoMo, a 20-percent shareholder in Hong Kong-based Hutchison Whampoa Ltd.’s U.K. 3G subsidiary, for an additional $320.3 million and KPN Mobile, a 15-percent shareholder in Hutchison 3G U.K., for $240.2 million in funding.
The funding call notices are pursuant to provisions of the shareholder agreements among the three companies. DoCoMo said it is contractually obligated to provide the $320.2 million as a loan advance if certain pre-conditions are fulfilled.
Both KPN Mobile and DoCoMo said they would respond to the notices by mid-April.
“We are carefully studying the request and are taking advice on whether this is a valid funding call,” said KPN Mobile in a statement.
Heavily indebted KPN, which announced a $9.5 million loss for 2002 on Monday, is looking for a buyer for its stake in the U.K. operator.
