snapshots
FROM OUR CKHH FAMILY
news bites
New horizon for ASW in the Middle East
A.S. Watson Group (ASW) unleashed a flurry of firsts as it celebrated its franchise agreement with Al-Futtaim, an international retail conglomerate based in the United Arab Emirates, to launch a Watsons flagship location in the Gulf Cooperation Council region. This move breaks new ground in two ways – ASW’s first-ever franchise agreement and its first foray into the Middle East.
Ireland’s 5G transformation
3 Ireland users can now access 5G on what is the country’s largest 5G network, following its September launch. Coverage is currently available in certain areas of every county – via 315 sites – and this will continue to grow with 500 more sites going live this year.
Expanding Egyptian trade and connectivity
A new container terminal is in the works in Abu Qir as Hutchison Ports confirmed a US$730 million project with the Egyptian Navy that will connect a two-way highway to Alexandria and a national road network to Cairo. The first phase is expected to commence operations in 2022.
Husky and Cenovus combine to become stronger and larger
Husky Energy and Cenovus combined their businesses to become the third-largest Canadian oil and natural gas company. The combination will result in C$1.2 billion in cost and capital synergies, enhance free funds flow generation and deliver superior return opportunities for investors. Industry analysts forecast that, as no equity accounting is required as it will hold less than 20% of the combined company, CKHH will have less earnings exposure to low oil prices but much greater value if prices rise.
A nod to sustainable promises
CK Hutchison published its first stand-alone Sustainability Report in 2020. The Group’s commitment to sustainable practices and increased disclosures have received positive feedback from investors and environmental, social and governance (ESG) rating agencies.
3 Denmark launches 5G services
Copenhagen and Roskilde are the first spots to enjoy the beginning of 5G in Denmark for customers of 3 Denmark and those under the Oister brand. With this successful leap at the end of the year, the network will continue to expand and be made available to the whole country by 2022.
Moving along with Spruce Lake and Liwan
Husky Energy has achieved first oil in Saskatchewan at its Spruce Lake Central thermal project, and started gas production from the Liuhua 29-1 field in the South China Sea. A strong and steady stream of free cash flow is highly anticipated upon the completion of both ventures.
Ofgem funding to boost gas alternative options
Northern Gas Networks received a £770,000 grant to link the Bradford Alternative Fuel Centre to the gas network which will, in turn, power the development of a Compressed Natural Gas (CNG) filling station. This funding from Ofgem will help the UK on its way towards reaching its decarbonisation goals, building on the green advantages of CNG as a fuel alternative.
An Eye for Design
CKHH’s commitment to excellence earned two accolades for its 2019 annual report. The first was the Honour Award at the ARC Awards, which recognises remarkable writing and design in annual reports. The second was the Hong Kong Management Association’s Best Annual Reports Award (Citation for Design), which honours the Group for its stellar presentation of core business segments.
Everybody say LOVE – 180 years of it!
A.S. Watson Group marked its 180th birthday by celebrating with a 5G-powered virtual cocktail event attended by hundreds of business and charity partners from around the world. From its humble beginnings as a dispensary offering free medicine to the needy, to what is now the world’s largest international health and beauty retailer with 16,000 offline and online stores worldwide, it has been a remarkable journey during which the company has given back during the tough times.