Huchison Global Crossing denied IPO

Hutchison Global Crossing sales and marketing director Steve Lam (pictured left) has denied speculation that the company has renewed efforts to launch an initial public offering (IPO) and has appointed Salomon Smith Barney as listing sponsor. Speaking at the launch ceremony of an international telecommunications service by the fixed-line network operator, Mr Lam said: 'We have no current listing plan and we have no fund-raising needs.' The company, a joint-venture between conglomerate Hutchison Whampoa and international undersea cable network builder Asia Global Crossing - represented at the launch by vice-president for Greater China, Alex Ng (pictured right) - attempted to launch an IPO late last year but unfavourable market conditions stalled the plan.