Press Releases
Related Topics
Press Releases

Press Release

Cheung Kong and Hutchison Whampoa
increase stake in

(Hong Kong, 6 June 2001) Cheung Kong (Holdings) Limited ("CKH") and Hutchison Whampoa Limited ("Hutchison") announced today that they have entered into an agreement to increase their stake in U.S.-based by purchasing an aggregate of 25,028,023 shares of common stock from priceline's founder Jay S. Walker and his trust. The sale is subject to certain US regulatory filings and approvals.

In February 2001, in a separate transaction, CKH and Hutchison jointly purchased approximately 23.8 million shares of common stock from and an additional 11.3 million shares of common stock from Mr. Walker and his trust. As a result of February's and today's transactions, CKH and Hutchison each holds approximately 15 percent (together approximately a combined 30 percent) equity interest in Separately, Hutchison also owns approximately 65 percent of Hutchison-Priceline Limited (HPL), the companies' Asia venture.

"We believe that the increased strategic commitment by Cheung Kong and Hutchison to will provide long-term benefit to and its shareholders," said Chairman Richard S. Braddock. "The transaction itself was accomplished without involving the public markets, which minimized any potential share price dilution. And we put those shares into the hands of committed strategic partners who have existing global strengths in industries and technologies important to's future growth., CKH and Hutchison share a vision and commitment to the success of's business model, and we welcome their increased commitment to our business."

Canning Fok, Group Managing Director of Hutchison and Director of CKH said, "The more we have come to know through our seat on their board and our venture in Asia, the more confident we are about, its business model, its brand and its long term growth prospects. reported very encouraging results for the first quarter and we are pleased to increase our commitment to"

In connection with this stock acquisition, CKH and Hutchison will receive a total of two additional seats on's board, on top of a board seat which Hutchison has already occupied.

- End -

For press information, please contact:

Cheung Kong (Holdings) LimitedHutchison Whampoa Limited
Wendy Tong BarnesLaura Cheung
Tel: (852) 2122 2062Tel: (852) 2128 1289
Email: [email protected]Email: [email protected]
Brian Ek
Tel: 1 203 299 8167
Email: [email protected]