Document:

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                                                                   EXHIBIT 10.56

                                                                  EXECUTION COPY

                             Dated 17 September 2004

                        HTHK LIMITED                                    (1)

                        HUTCHISON TELECOMMUNICATIONS                    (2)
                        LIMITED

                           ---------------------------

                           SALE AND PURCHASE AGREEMENT

                                   relating to

                                  TEGOR LIMITED

                           ---------------------------

<PAGE>

THIS AGREEMENT is made the 17th day of September 2004

BETWEEN:

1.   HTHK LIMITED, a company incorporated with limited liability in the British
     Virgin Islands whose registered office is at P.O. Box 957, Offshore
     Incorporations Centre, Road Town, Tortola, British Virgin Islands (the
     "Vendor"); and

2.   HUTCHISON TELECOMMUNICATIONS LIMITED, a company incorporated with limited
     liability in Hong Kong whose registered office is at 22nd Floor, Hutchison
     House, 10 Harcourt Road, Hong Kong (the "Purchaser").

WHEREAS:-

A.   TEGOR LIMITED (the "Company") (Registration Number 127141) is a company
     incorporated under the laws of the British Virgin Islands with limited
     liability, further particulars of which are set out in Schedule 1.

B.   The Company holds interest in the Group Companies, as set out in Schedule
     2.

C.   The Vendor is the beneficial owner and registered holder of the Sale
     Shares.

D.   The Vendor wishes to sell to the Purchaser, and the Purchaser wishes to
     purchase from the Vendor, the Sale Share on the terms and subject to the
     conditions set out herein.

NOW IT IS HEREBY AGREED as follows:

1.   DEFINITIONS AND INTERPRETATION

1.1  In this Agreement (including the Recitals and the Schedules), the words and
     expressions set out below shall have the respective meanings attributed to
     them below unless the context otherwise requires:-

     "Business Day"      a day on which banks are open for business in Hong Kong
                         (excluding Saturday or Sunday);

     "Completion"        completion of the sale and purchase of the Sale Share
                         in accordance with the terms and conditions of this
                         Agreement;

     "Consideration"     US$1.00;

     "Group Companies"   the Company and its subsidiaries and associated
                         companies;

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     "Hong Kong"         the Hong Kong Special Administrative Region of the
                         People's Republic of China;

     "Sale Share"        one share of US$1.00 in the Company; and

     "US$"               United States dollars, the lawful currency of the
                         United States of America.

1.2  Unless the context otherwise requires, words importing the singular only
     shall include the plural and vice versa and words importing natural persons
     shall include corporations and unincorporated associations and vice versa.

1.3  The descriptive headings contained in this Agreement are for the purpose of
     convenience only and do not form part of and shall not affect the
     construction of this Agreement or any part thereof.

1.4  References to Clauses and Schedules are to the clauses of and the schedules
     to this Agreement and references to sub-clauses, paragraphs and
     sub-paragraphs are to sub-clauses of the Clauses, paragraphs of the
     sub-clauses and sub-paragraphs of the paragraphs where they respectively
     appear.

1.5  Reference to any statute or statutory provision shall where the context so
     admits or requires be construed as reference to those provisions as
     respectively amended, consolidated, extended, modified or re-enacted from
     time to time, and shall include any other order, regulations, instruments
     or other subordinate legislation made under the relevant statute.

1.6  The Schedules form an integral part of this Agreement and shall have the
     full force and effect as if expressly set out in the body of this Agreement
     and any reference to this Agreement shall, unless the context otherwise
     requires, include the Schedules.

2.   SALE AND PURCHASE

2.1  Upon and subject to the terms and conditions of this Agreement, the Vendor
     as legal and beneficial owner of the Sale Share, shall sell or procure the
     sale of, and the Purchaser shall purchase, the Sale Share free from all
     claims, charges, liens, options, encumbrances and equities of any kind
     whatsoever but together with all rights attached, accrued or accruing
     thereto and all dividends and distributions declared, made or paid or
     agreed to be made or paid thereon after the date hereof.

2.2  No party shall be obliged to complete the sale or purchase of any of the
     Sale Share unless the sale and purchase of the Sale Share is completed
     simultaneously.

2.3  The total consideration for the sale of the Sale Share shall be an amount
     equal to US$1.00. Payment of the Consideration shall be made by the
     Purchaser by wire transfer or such other way as the parties may agree.

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3.   COMPLETION

3.1  Completion shall take place simultaneously with the signing of this
     Agreement at 22nd Floor, Hutchison House, 10 Harcourt Road, Hong Kong or at
     such other place or time as the parties hereto may agree, when all (but not
     part only) of the businesses set out in Clauses 3.3 to 3.4 shall be
     transacted.

3.2  On or before Completion, the Vendor shall procure that a board meeting of
     the Company is held at which resolutions shall be passed approving the
     registration of the transfer of the Sale Share to the Purchaser.

3.3  At Completion, the Vendor shall deliver or procure to be delivered to the
     Purchaser:

     (a)  share certificate for the Sale Share in the name of the Vendor or its
          nominee;

     (b)  instrument of transfer executed by the Vendor in relation to the Sale
          Share in favour of the Purchaser;

     (c)  a certified extract of the resolutions of the board of directors of
          the Company referred to in Clause 3.2; and

     (d)  a certified extract of its board (and, if required, shareholders')
          resolutions approving the execution of this Agreement and such other
          documents and deeds as may be required relating to the transactions
          contemplated hereby.

3.4  At Completion, the Purchaser shall:

     (a)  pay to the Vendor the Consideration; and

     (b)  deliver or procure to be delivered to the Vendor such documents and
          deeds as may be required relating to the transactions contemplated
          hereby.

4.   VENDOR'S WARRANTIES

4.1  The Vendor hereby warrants to the Purchaser that:

     (i)  the Vendor being the legal and beneficial owner of the Sale Share is
          entitled to sell and transfer the Sale Share and pass full legal and
          beneficial ownership thereof to the Purchaser free from all claims,
          charges, liens, options, encumbrances and equities of any kind
          whatsoever;

     (ii) the Vendor has the power and authority to enter into this Agreement,
          and to perform its obligations hereunder and enter into all
          transactions contemplated by this Agreement and all necessary
          corporate and other action has been taken to authorise the execution,
          delivery and performance by it of this Agreement and the documents
          herein contemplated;

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     (iii) the execution and delivery of, and the performance by the Vendor of
          its obligations under this Agreement will not result in a breach of
          any provision of the memorandum or articles of association of the
          Vendor or any Group Company;

     (iv) this Agreement constitutes and when executed will constitute valid,
          legal and binding obligations on the part of the Vendor in accordance
          with its terms;

     (v)  the Sale Share represents the entire issued and allotted share capital
          of the Company and is fully paid up;

     (vi) no indebtedness (actual or contingent) is outstanding between the
          Vendor and each of the Group Companies; and

     (vii) the information contained in Schedules 1 and 2 is true and accurate.

4.2  The Vendor shall forthwith notify the Purchaser upon becoming aware of any
     event which is expected to cause any of the Vendor's warranties in Clause
     4.1 to be incorrect, misleading or breached in any material respects.

4.3  The Vendor's warranties set out in each paragraph of Clause 4.1 shall be
     separate and independent and save as expressly provided shall not be
     limited by reference to any other paragraph or anything else in this
     Agreement

5.   PURCHASER'S REPRESENTATIONS AND WARRANTIES

5.1  The Purchaser hereby represents and warrants to the Vendor that:

     (a)  the Purchaser has the power and authority to enter into this
          Agreement, and to perform its obligations hereunder and enter into all
          transactions contemplated by this Agreement and all necessary
          corporate and other action has been taken to authorise the execution,
          delivery and performance by it of this Agreement and the documents
          herein contemplated;

     (b)  the execution and performance of this Agreement and the documents
          herein contemplated do not violate any applicable law, rule or
          regulation to which the Purchaser is subject; and

     (c)  this Agreement constitutes and will constitute valid, legal and
          binding obligations on its part in accordance with its terms.

5.2  The Purchaser shall forthwith notify the Vendor upon becoming aware of any
     event which is expected to cause any of the Purchaser's warranties in
     Clause 5.1 to be incorrect, misleading or breached in any material
     respects.

5.3  The Purchaser's warranties set out in each paragraph of Clause 5.1 shall be
     separate and independent and save as expressly provided shall not be
     limited by reference to any other paragraph or anything else in this
     Agreement.

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6.   FURTHER ASSURANCE

     Subject to and notwithstanding Completion, each party agrees with and
     undertakes to the other party that at any time and from time to time upon
     the written request of any other party, such party will:

     (a)  promptly and duly execute and deliver any and all such further
          instruments and documents and do or procure to be done all and any
          such acts or things as the other party may reasonably deem necessary
          in obtaining the full benefits of this Agreement and of the rights and
          ownership herein granted; and

     (b)  do or procure to be done each and every act or thing which the other
          party may from time to time reasonably require to be done for the
          purpose of enforcing the other party's rights under this Agreement.

7.   CONFIDENTIALITY

7.1  Each party undertakes that it shall not reveal, and shall cause its
     shareholders, directors, senior executives, employees and agents not to
     reveal, to any third party any information concerning the transactions
     contemplated hereunder and/or the contents hereof (collectively,
     "Confidential Information") without the prior written approval of the other
     party hereto.

7.2  Nothing in this Section 7 shall prevent a party hereto from using or
     disclosing any Confidential Information which (a) is already known by such
     party at the time it is disclosed to it; (b) has been rightfully received
     by such party from a third party without a breach of an obligation of
     confidentiality; (c) is in the public domain through no wrongful act of
     such party; (d) is independently developed by such party without use,
     directly or indirectly, of the Confidential Information; (e) is required to
     be disclosed by applicable law, regulation or legal process or by judicial
     order; or (f) is released in connection with the proposed spin off and
     listing of Hutchison Telecommunications International Limited.

7.3  Notwithstanding anything contained in this Agreement, either party
     acknowledges and agrees that the other party may be required by law or any
     competent regulatory body (including but without limitation to The Stock
     Exchange of Hong Kong Limited and the Securities and Futures Commission) to
     issue time sensitive and/or urgent announcements relating to this Agreement
     or matters contemplated under this Agreement. Either party shall procure to
     be provided to the other party a copy of each drafts of such time sensitive
     and/or urgent announcements promptly, and shall consider in good faith any
     comments provided to it in a timely manner by the other party to the extent
     reasonably practicable within the time frame stipulated by law or by the
     relevant competent regulatory body.

8.   ENTIRE AGREEMENT

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8.1  This Agreement together with all other documents which are referred to in
     this Agreement as being required by its terms to be entered into by the
     parties or any of them in connection with this Agreement set out and
     constitute the entire agreement and understanding between the parties
     relating to the transactions hereby contemplated and supersede any previous
     or contemporaneous drafts, representations, warranties, promises,
     assurances, arrangements, discussions, negotiations, agreements or
     undertakings relating thereto whether written or oral and no party shall
     rely on any representations or warranties except those expressly stated
     herein.

8.2  No purported alteration or variation of this Agreement shall be effective
     unless it is in writing, refers specifically to this Agreement and is duly
     executed by each of the parties hereto.

9.   ASSIGNABILITY

     This Agreement shall enure for the benefit of successors of the respective
     parties hereto but shall not be assignable.

10.  NOTICES

10.1 Any notice or other communication given or to be given pursuant to this
     Agreement shall be in writing sent or delivered to the party at the address
     or facsimile number as set out below or as may be notified by such party to
     the other:-

     Vendor:-

     Address:     22nd Floor, Hutchison House, 10 Harcourt Road, Hong Kong
     Attention:   Company Secretary
     Fax no.:     (852) 2128 1778

     Purchaser:-

     Address:     22nd Floor, Hutchison House, 10 Harcourt Road, Hong Kong
     Attention:   Company Secretary
     Fax no.:     (852) 2128 1778

10.2 Any notice or other communication shall be deemed to have been received if
     sent by facsimile, on the date of transmission, or if delivered personally,
     when delivered, or if sent by post, 7 days if overseas and 48 hours if
     local after the date of posting.

10.3 Reference in Clause 10.1 to writing shall include a notice or communication
     by facsimile.

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11.  COSTS AND EXPENSES

     Each party shall bear its own costs and expenses in relation to the
     negotiations leading up to the sale and purchase of the Sale Share and to
     the preparation, execution and carrying into effect of this Agreement and
     all other documents referred to in it which relate to the sale and purchase
     of the Sale Share. The Vendor confirms that no expense of whatever nature
     relating to the sale and purchase of the Sale Share has been or is to be
     borne by the Company.

12.  COUNTERPARTS

12.1 This Agreement may be executed in any number of counterparts, and by the
     parties on separate counterparts, but shall not be effective until each
     party has executed at least one counterpart.

12.2 Each counterpart shall constitute an original of this Agreement, but all
     the counterparts shall together constitute but one and the same instrument.

13.  INVALIDITY

     Each provision of this Agreement is severable and distinct from the others
     and if at any time any provision of this Agreement is or becomes illegal,
     invalid or unenforceable in any respect under the law of any jurisdiction,
     that shall not affect or impair:-

     (a)  the legality, validity or enforceability in that jurisdiction of any
          other provision of this Agreement; or

     (b)  the legality, validity or enforceability under the law of any other
          jurisdiction of that or any other provision of this Agreement.

14.  GOVERNING LAW

     This Agreement shall be governed by and construed in accordance with the
     laws of Hong Kong and the Purchaser hereby submits to the exclusive
     jurisdiction of the Hong Kong courts.

<PAGE>

IN WITNESS whereof this Agreement has been duly executed on the date first above
written.

SIGNED by Ting chan            )
for and on behalf of           )   /s/ Ting Chan
HTHK LIMITED                   )   -------------------------------
In the presence of:-           )

/s/ Steven P. Allen
-------------------------------

SIGNED by Edith Shih           )
for and on behalf of           )
HUTCHISON TELECOMMUNICATIONS   )   /s/ Edith Shih
LIMITED                        )   -------------------------------
In the presence of:-           )

/s/ Patricia Hui
-------------------------------

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                                   Schedule 1

                          Particulars of Tegor Limited

 1. Date of Incorporation         :   30 August 1994

 2. Place of Incorporation        :   British Virgin Islands

 3. Incorporation number          :   127141

 4. Address of Registered Office  :   P.O. Box 71, Craigmuir Chambers
                                      Road Town, Tortola,
                                      British Virgin Islands

 5. Business                      :   Investment holding

 6. Authorised Share Capital      :   US$50,000 divided into 50,000 shares of
                                      US$1.00 each

 7. Issued Share Capital          :   US$1

 8. Shares held as follows        :

    Registered Holder   Beneficial Owner   No. of Shares Held
    -----------------   ----------------   ------------------
    HTHK Limited        HTHK Limited                1

 9. Directors                     :   Susan Chow
                                      Frank Sixt
                                      Edith Shih
                                      Agnes Nardi

10. Secretary                     :   Edith Shih

11. Auditors                      :   PricewaterhouseCoopers

12. Financial Year End Date       :   31 December

13. Outstanding Mortgages/Charges :

Date   Instrument   Property Mortgaged/Charged   Amount Secured
----   ----------   --------------------------   --------------
                    NIL

<PAGE>

                                   Schedule 2

                                 Group Companies

No.   Company Name                                            Tegor's % Interest
---   ------------                                            ------------------
 1.   Chung Kiu Telecommunications (China) Holdings Limited          65.7%
 2.   Chung Kiu Telecommunications (China) Limited                   65.7%
 3.   Nanjing Zhong Nan Communication Equipment Co. Limited          65.7%<PAGE>

                                                                   Exhibit 10.57

                             Dated 17 September 2004

                            WHAMPOA HOLDINGS LIMITED

                                       and

                      HUTCHISON TELECOMMUNICATIONS LIMITED

                     TRANSFER AND DECLARATION OF TRUST DEED

                                   relating to

                   HUTCHISON TELECOMMUNICATIONS ARGENTINA S.A.

<PAGE>

THIS DEED is made the 17 day of September 2004

BETWEEN:

(1)  WHAMPOA HOLDINGS LIMITED, a company incorporated with limited liability in
     Hong Kong whose registered office is at 22 Floor, Hutchison House, 10
     Harcourt Road, Hong Kong (the "Vendor"); and

(2)  HUTCHISON TELECOMMUNICATIONS LIMITED, a company incorporated with limited
     liability in Hong Kong whose registered office is at 22 Floor, Hutchison
     House, 10 Harcourt Road, Hong Kong (the "Purchaser").

WHEREAS:

(A)  Hutchison Telecommunications Argentina S.A. (the "Company") is a company
     incorporated under the laws of Argentina with limited liability.

(B)  The Vendor is the beneficial owner and registered holder of the Relevant
     Shares (as defined below) and the Relevant ICCs (as defined below).

(C)  The Vendor has entered into, and has rights and/or obligations under, the
     Relevant Agreements (as defined below).

(D)  The Vendor wishes:

     (i)  to transfer to the Purchaser, and the Purchaser wishes to take, the
          Vendor's beneficial interest in the Relevant Shares, the benefit and
          all of the Vendor's rights in respect of the ICCs (as defined below);
          and

     (ii) to declare that its holds the legal title in the Relevant Shares and
          the Relevant ICCs, and all of the Vendor's rights and obligations
          under the Share Purchase Agreement, the Shareholders Agreement, the
          Carried Interest Agreement, the Gridley Share Pledge and the Newberry
          Share Pledge (each as defined below), on trust for the Purchaser,

     all on the terms and conditions set out in this Deed.

NOW IT IS HEREBY AGREED as follows:

1    DEFINITIONS AND INTERPRETATION

1.1  In this Deed (including the Recitals and the Schedules), the words and
     expressions set out below shall have the respective meanings attributed to
     them below unless the context otherwise requires:-

     "Affiliate" means, in relation to any person, a subsidiary or any holding
     company of such person or any other subsidiary of any such holding company
     (other than the Purchaser and the Company);

     "AR$" means Argentina peso, the lawful currency of Argentina;

     "Business Day" means a day on which banks are open for business in Hong
     Kong and Argentina (excluding Saturday or Sunday);

     "Carried Interest Agreement" means the carried interest agreement dated 24
     November 2000 between the Vendor, Gridley Investments and Newbery whereby,
     inter alia, the Vendor shall lend or, at its option, procure the lending,
     to Gridley Investments of sufficient funds to enable Gridley Investments to
     maintain a 9.95% shareholding in the Company;

--------------------------------------------------------------------------------

                                       -1-

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     "Completion" means completion of the sale and purchase of the Sale Shares
     in accordance with the terms and conditions of this Agreement;

     "Completion Date" shall bear the same meaning as set out in clause 3.1;

     "Consideration" shall bear the same meaning as set out in Clause 2.3;

     "Deed" means this Transfer and Declaration of Trust Deed;

     "Gridley Investments" means Gridley Investments S.A., a corporation
     incorporated under the laws of Uruguay with its registered address at
     Juncal 1305, piso 21, Montevideo, Uruguay;

     "Gridley Share Pledge" means the share pledge agreement dated 24 November
     2000 between Gridley Investments and the Vendor whereby, inter alia,
     Gridley Investments grants to the Vendor a pledge over the Shares held by
     Gridley Investments;

     "Group Companies" means the Company and its subsidiaries (if any);

     "Hong Kong" the Hong Kong Special Administrative Region of the People's
     Republic of China;

     "Hong Kong Dollar" and "HK$" means Hong Kong dollars, the lawful currency
     of Hong Kong;

     "HTL Loan" means the loan made by the Purchaser to the Vendor for the
     principal amount of HK$285,298,013.94, which amount has been advanced to
     the Vendor and is outstanding;

     "ICCs" means irrevocable capital contributions ("aportes irrevocables a
     cuenta de futuros aumentos de capital") made to the Company;

     "Newbery" means Mr. Carlos Joost Newbery;

     "Newbery Share Pledge" means the share pledge agreement dated 24 November
     2000 between Newbery and the Vendor whereby, inter alia, Newbery grants to
     the Vendor a pledge over the shares he holds in Gridley Investments;

     "Relevant Agreements" means:

     (i)  the Share Purchase Agreement;

     (ii) the Shareholders Agreement;

     (iii) the Carried Interest Agreement;

     (iv) the Gridley Share Pledge; and

     (v)  the Newbery Share Pledge;

     "Relevant ICCs" means irrevocable capital contributions ("aportes
     irrevocables a cuenta de futuros aumentos de capital") made by the Vendor
     to the Company in the aggregate amount of AR$112,943,945 at the time of
     contribution, which sum has been adjusted for inflation to
     AR$135,449,606.43 in accordance with relevant Argentine laws, the Hong Kong
     Dollar equivalent of which, at the time of contribution, was
     HK$285,298,013.94;

     "Relevant Shares" means 37,821 class A ordinary, nominative,
     non-endorseable shares in the issued share capital of the Company held by
     the Vendor;

--------------------------------------------------------------------------------

                                       -2-

<PAGE>

     "Share Purchase Agreement" means the sale and purchase agreement dated 2
     September 1999 between the Vendor (as purchaser), Gridley Investments S.A.
     (as seller) and Newbery (as guarantor) relating to the purchase of Shares
     by the Vendor;

     "Shares" means shares in the issued share capital of the Company; and

     "Shareholders' Agreement" means the agreement dated 24 November 2000
     between the Vendor, Gridley Investments and Newbery relating to the
     Company.

1.2  Unless the context otherwise requires, words importing the singular only
     shall include the plural and vice versa and words importing natural persons
     shall include corporations and unincorporated associations and vice versa.

1.3  The descriptive headings contained in this Agreement are for the purpose of
     convenience only and do not form part of and shall not affect the
     construction of this Agreement or any part thereof.

1.4  References to Clauses and Schedules are to the clauses of and the schedules
     to this Agreement and references to sub-clauses, paragraphs and
     sub-paragraphs are to sub-clauses of the Clauses, paragraphs of the
     sub-clauses and sub-paragraphs of the paragraphs where they respectively
     appear.

1.5  Reference to any statute or statutory provision shall where the context so
     admits or requires be construed as reference to those provisions as
     respectively amended, consolidated, extended, modified or re-enacted from
     time to time, and shall include any other order, regulations, instruments
     or other subordinate legislation made under the relevant statute except to
     the extent that any statute or statutory provision made or enacted after
     the date of this Agreement would create or increase a liability of the
     Vendor under this Agreement.

1.6  The Schedules form an integral part of this Agreement and shall have the
     full force and effect as if expressly set out in the body of this Agreement
     and any reference to this Agreement shall, unless the context otherwise
     requires, include the Schedules.

2    SALE AND PURCHASE

2.1  Upon and subject to the terms and conditions of this Deed, the Vendor as
     legal and beneficial owner of the Relevant Shares, and of the rights in
     respect of the Relevant ICCs, shall transfer to the Purchaser, and the
     Purchaser shall purchaser shall accept the transfer of, the Vendor's
     beneficial interest in the Relevant Shares and the Relevant ICCs free from
     all claims, charges, liens, options, encumbrances and equities of any kind
     whatsoever but together with all rights attached, accrued or accruing
     thereto and all dividends and distributions declared, made or paid or
     agreed to be made or paid thereon after the Completion Date.

2.2  No party shall be obliged to complete the transfer of the Vendor's
     beneficial interest in any of the Relevant Shares or the Relevant ICCs
     unless the transfer of the Vendor's beneficial interest in all of the
     Relevant Shares and all of the Relevant ICCs are completed simultaneously.

2.3  The total consideration for the transfer of the Vendor's beneficial
     interest in the Relevant Shares and the Relevant ICCs shall be
     HK$285,298,013.94 (the "Consideration").

--------------------------------------------------------------------------------

                                       -3-

<PAGE>

3    COMPLETION

3.1  Subject to Clause 3, Completion shall take place at 10.00 a.m., Hong Kong
     time, on the date of execution of this Deed at 22 Floor, Hutchison House,
     10 Harcourt Road, Hong Kong or at such other place or time as the parties
     hereto may agree, when all (but not part only) of the obligations set out
     in Clauses 3.2 and 3.3 shall be fulfilled (the "Completion Date").

3.2  At Completion, the Purchaser (or the Purchaser's nominee) shall pay to the
     Vendor the Consideration.

3.3  At Completion, the Vendor shall repay to the Purchaser in full all amounts
     outstanding under the HTL Loan.

4    VENDOR'S WARRANTIES

4.1  The Vendor hereby warrants to the Purchaser, subject only to any matter
     expressly provided for under the terms of this Deed, that:

     (a)  the Vendor being the legal and beneficial owner of the Relevant Shares
          and the Relevant ICCs is entitled to sell and transfer its beneficial
          interest in the Relevant Shares and the Relevant ICCs and is able to
          procure the passing of beneficial and, if required by the Purchaser,
          legal ownership thereof to the Purchaser (as the case may be) free
          from all claims, charges, liens, options, encumbrances and equities of
          any kind whatsoever;

     (b)  the Vendor has the power and authority to enter into this Deed, and to
          perform its obligations hereunder and enter into all transactions
          contemplated by this Deed and all necessary corporate and other action
          has been taken to authorise the execution, delivery and performance by
          it of this Deed and the documents herein contemplated;

     (c)  the execution and delivery of, and the performance by the Vendor of
          its obligations under this Deed will not result in a breach of any
          provision of the memorandum or articles of association of the Vendor
          or any Group Company.

     (d)  this Deed constitutes and when executed will constitute valid, legal
          and binding obligations on the part of the Vendor in accordance with
          its terms;

     (e)  the Relevant Sale Shares are fully paid up and the Relevant ICCs have
          been fully paid;

     (f)  no indebtedness (actual or contingent) is outstanding between the
          Vendor and each of the Group Companies; and

     (g)  the Vendor is not in breach of any provisions of any of the Relevant
          Agreements.

4.2  The Vendor further warrants to the Purchaser that the warranties in Clauses
     4.1(a) to (g) will be fulfilled down to and will be true and accurate in
     all material respects at Completion as if they had been given at
     Completion.

4.3  The Vendor's warranties set out in each paragraph of Clause 4.1 shall be
     separate and independent and save as expressly provided shall not be
     limited by reference to any other paragraph or anything else in this Deed.

--------------------------------------------------------------------------------

                                       -4-

<PAGE>

5    PURCHASER'S WARRANTIES

5.1  The Purchaser hereby warrants to the Vendor that:

     (a)  the Purchaser has the power and authority to enter into this Deed, and
          to perform its obligations hereunder and enter into all transactions
          contemplated by this Deed and all necessary corporate and other action
          has been taken to authorise the execution, delivery and performance by
          it of this Deed and the documents herein contemplated;

     (b)  the execution and performance of this Deed and the documents herein
          contemplated do not violate any applicable law, rule or regulation to
          which the Purchaser is subject; and

     (c)  this Deed constitutes and will constitute valid, legal and binding
          obligations on its part in accordance with its terms.

5.2  The Purchaser further warrants to the Vendor that the warranties in Clauses
     5.1(a) to (c) will be fulfilled down to and will be true and accurate in
     all material respects at Completion as if they had been given at
     Completion.

5.3  The Purchaser's warranties set out in each paragraph of Clause 5.1 shall be
     separate and independent and save as expressly provided shall not be
     limited by reference to any other paragraph or anything else in this Deed.

6    DECLARATION OF TRUST

     The Vendor hereby declares and covenants with the Purchaser and its
     successors and assigns as follows:

6.1  that the Vendor shall at all times hold:

     (a)  the legal title to Relevant Shares and any other Shares the Vendor may
          hereafter receive or be entitled to receive (the "Other Shares")and
          all dividends, rights and interest accruing to or to accrue upon the
          same or any of them;

     (b)  the Relevant ICCs and any other ICCs the Vendor may hereafter make in
          the Company (the "Other ICCs") and all rights and payments accruing to
          or to accrue upon the same or any of them; and

     (c)  all of the Vendor's rights, benefits, interests and obligations under
          each of the Relevant Agreements,

     (together, the "Argentina Title, Rights and Obligations") UPON TRUST for
     the Purchaser;

6.2  that the Purchaser shall at all times deal with, transfer and dispose of
     the Argentina Title, Rights and Obligations and any rights or privileges
     now or hereafter appertaining thereto in accordance with the instructions
     from time to time given to the Vendor by the Purchaser and not otherwise;

6.3  that the Purchaser is hereby authorised at any time to complete and execute
     any agreement, transfer or other document in respect of any of the
     Argentina Title, Rights and Obligations which has been already signed by
     the Vendor and passed to the Purchaser;

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                                       -5-

<PAGE>

6.4  that the Vendor shall at all times and whenever requested by the Purchaser
     sign, execute and deliver any deed, agreement, transfer, proxy form,
     receipt, notice or other instrument relating to any of the Argentina Title,
     Rights and Obligations or any rights and privileges in relation thereto
     submitted to the Vendor by the Purchaser;

6.5  that the Vendor shall not appoint any proxy or representative to attend and
     vote on its behalf at any general meetings of the Company except as
     permitted under this deed or as expressly approved in advance in writing by
     the Purchaser, and shall not permit any such proxy or representative to
     vote at any general meetings of the Company in respect of the Relevant
     Shares or the Other Shares (if any) or, if applicable, the ICCs or other
     ICCs (if any) contrary to any direction of the Purchaser;

6.6  that the Vendor shall procure that it nominees to the board of directors of
     the Company or any other Group Company shall not vote on any resolution
     before a meeting of the relevant board of directors save as expressly
     approved in advance in writing by the Purchaser;

6.7  that the Vendor shall not exercise, claim, attempt to exercise or enforce
     any benefits or rights whatsoever (whether statutory, contractual or
     otherwise) vested in the Vendor as a member of the Company or under any of
     the Relevant Agreements, nor will it represent itself as having any rights
     in respect of the Relevant Shares, the Other Shares (if any), the Relevant
     ICCs, the Other ICCs (if any) or under any of the Relevant Agreements
     except as permitted under this Deed or as expressly approved in advance in
     writing by the Purchaser;

6.8  that the Vendor shall not comply with or agree to comply with or accede to
     any request from any party to any of the Relevant Agreements save as
     expressly approved in advance in writing by the Purchaser;

6.9  that the Vendor shall promptly notify the Purchaser of:

     (a)  any litigation, arbitration, administrative, regulatory or criminal
          proceedings against any Group Company;

     (b)  any order made, or petition presented for the purposes of winding up
          any Group Company, or any order made or petition presented for the
          appointment of a administrator of and over the affairs of any Group
          Company, or the appointment of a receiver in respect of any Group
          Company or any of their assets, of any pending or threatened order,
          petition or appointment or any circumstance that may give rise to a
          proceeding resulting in such an order or appointment; or

     (c)  any litigation, arbitration, administrative, regulatory or criminal
          proceedings that any Group Company is a party to, whether as claimant,
          defendant or otherwise, or that are pending or threatened; and

     (d)  any litigation, arbitration, administrative, regulatory or criminal
          proceedings against the Vendor or any other party in respect of any of
          the Argentina Title, Rights and Obligations;

6.10 that the Vendor shall promptly deliver to the Purchaser:

     (a)  any correspondence, notice or other communications, whether written or
          oral, received by the Vendor (or any of its agents) from any other
          party to any of the Relevant Agreements;

--------------------------------------------------------------------------------

                                       -6-

<PAGE>

     (b)  all documents, notices and correspondence whatsoever sent to the
          Vendor by or on behalf of, the Company or sent to the Company with a
          copy to the Vendor;

6.11 that the Vendor shall not amend, vary or assign any of the Relevant
     Agreements save as expressly approved in writing by the Purchaser; and

6.12 that the Vendor shall not, by act or omission, commit any breach of any of
     the Relevant Agreements.

7    INDEMNITY

7.1  The Purchaser undertakes to the Vendor that it shall, subject to Clause 7.2
     and the Vendor's compliance with the terms and conditions of this Deed,
     indemnify and hold the Vendor harmless against all obligations, liabilities
     (including taxation), losses, damages and all reasonable costs (including
     legal costs) and expenses, actions, proceedings, claims and demands, in
     each case of any nature whatsoever (together, "Costs") suffered or incurred
     by the Vendor, directly or indirectly, as a result or in connection with:

     (a)  the holding of legal title to the Relevant Shares, the Other Shares
          (if any), the Relevant ICCs and the Other ICCs (if any) as trustee for
          the Purchaser;

     (b)  any of the rights and obligations of the Vendor under any of the
          Relevant Agreements the Vendor remaining as a party to the each of the
          Relevant Agreements; and

     (c)  complying with the obligations or acting upon the Purchaser's
          instructions pursuant to Clause 6.

7.2  The Purchaser shall have no liability or obligation to indemnify or hold
     harmless the Vendor in respect of Costs suffered or incurred by the Vendor
     as a result of a breach by the Vendor of any of its obligations under this
     Deed as a result of the deliberate or negligent acts or omissions by the
     Vendor.

8    FURTHER ASSURANCE

8.1  Subject to and notwithstanding Completion, each party agrees with and
     undertakes to the other party that at any time and from time to time upon
     the written request of any other party, such party shall:

     (a)  promptly and duly execute and deliver any and all such further
          instruments and documents and do or procure to be done all and any
          such acts or things as the other party may reasonably deem necessary
          in obtaining the full benefits of this Deed and of the rights and
          ownership herein granted;

     (b)  do or procure to be done each and every act or thing which the other
          party may from time to time reasonably require to be done for the
          purpose of enforcing the other party's rights under this Deed; and

8.2  The Vendor and the Purchaser agree that all requests and enquiries from any
     government, governmental, supranational or trade agency, court or other
     regulatory body shall be dealt with by the Vendor and the Purchaser in
     consultation with each other and the Vendor and the Purchaser shall
     promptly co-operate with and provide all necessary information and
     assistance reasonably required by such government, agency, court or body
     upon being requested to do so by the other.

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                                       -7-

<PAGE>

9    CONFIDENTIALITY

9.1  Each party undertakes that it shall not reveal, and shall cause its
     shareholders, directors, senior executives, employees and agents not to
     reveal, to any third party (other than the existing shareholders of the
     Company, Gridley Investments and Newbery) any information concerning the
     transactions contemplated hereunder and/or the contents hereof
     (collectively, "Confidential Information") without the prior written
     approval of the other party hereto.

9.2  Nothing in this Section 9 shall prevent a party hereto from using or
     disclosing any Confidential Information which (a) is already known by such
     party at the time it is disclosed to it; (b) has been rightfully received
     by such party from a third party without a breach of an obligation of
     confidentiality; (c) is in the public domain through no wrongful act of
     such party; (d) is independently developed by such party without use,
     directly or indirectly, of the Confidential Information; or (e) is required
     to be disclosed by applicable law, regulation or legal process or by
     judicial order.

9.3  Notwithstanding anything contained in this Deed, either party acknowledges
     and agrees that the other party may be required by law or any competent
     regulatory body (including but without limitation to The Stock Exchange of
     Hong Kong Limited and the Securities and Futures Commission) to issue time
     sensitive and/or urgent announcements relating to this Deed or matters
     contemplated under this Deed. Either party shall procure to be provided to
     the other party a copy of drafts of such time sensitive and/or urgent
     announcements promptly, and shall consider in good faith any comments
     provided to it in a timely manner by the other party to the extent
     reasonably practicable within the time frame stipulated by law or by the
     relevant competent regulatory body.

10   ENTIRE AGREEMENT AND VARIATION

10.1 This Deed together with all other documents which are referred to in this
     Deed as being required by its terms to be entered into by the parties or
     any of them in connection with this Deed set out and constitute the entire
     agreement and understanding between the parties relating to the
     transactions hereby contemplated and supersede any previous or
     contemporaneous drafts, representations, warranties, promises, assurances,
     arrangements, discussions, negotiations, agreements or undertakings
     relating thereto whether written or oral and no party shall rely on any
     representations or warranties except those expressly stated herein.

10.2 No purported alteration or variation of this Deed shall be effective unless
     it is in writing, refers specifically to this Deed and is duly executed by
     each of the parties hereto.

11   ASSIGNABILITY

     This Deed shall enure for the benefit of successors of the respective
     parties hereto but shall not be assignable.

12   NOTICES

12.1 Any notice or other communication given or to be given pursuant to this
     Deed shall be in writing sent or delivered to the party at the address or
     facsimile number as set out below or as may be notified by such party to
     the other:

     Vendor:

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                                       -8-

<PAGE>

     Address    : 18 Floor, Two Harbourfront
                  22 Tak Fung Street
                  Kowloon, Hong Kong

     Attention  : The  Company Secretary

     Fax no.    : +852-2827-3001

     Purchaser:

     Address    : 22 Floor, Hutchison House
                  10 Harcourt road
                  Central, Hong Kong

     Attention  : The Company Secretary

     Fax no.    : +852-2128-1778

12.2 Any notice or other communication shall be deemed to have been received if
     sent by facsimile, on the date of transmission, or if delivered personally,
     when delivered, or if sent by post, 7 days if overseas and 48 hours if
     local after the date of posting.

12.3 Reference in Clause 12.1 to writing shall include a notice or communication
     by facsimile.

13   COSTS AND EXPENSES

     Save as expressly provided in this Deed, each party shall bear its own
     costs and expenses in relation to the negotiations leading up to the
     execution of this Deed and to the preparation, execution and carrying into
     effect of this Deed and all other documents referred to in it which relate
     to the transfer of the beneficial interest in the Relevant Shares and the
     Relevant ICCs and the declaration of trust in respect of the Argentina
     Title, Rights and Obligations. The Vendor confirms that no expense of
     whatever nature relating to the transfer of the Relevant Shares and the
     Relevant ICCs and the declaration of trust sale has been or is to be borne
     by the Company. All fees and expenses incurred (including, but not limited
     to, stamp duty and other similar taxes, but excluding any capital gains tax
     (if any) payable by the Vendor for the transfer of the beneficial interest
     in the Relevant Shares and the Relevant ICCs and the declaration of trust
     in respect of the Argentina Title, Rights and Obligations shall be paid by
     the Purchaser.

14   COUNTERPARTS

14.1 This Deed may be executed in any number of counterparts, and by the parties
     on separate counterparts, but shall not be effective until each party has
     executed at least one counterpart.

14.2 Each counterpart shall constitute an original of this Deed, but all the
     counterparts shall together constitute one and the same instrument.

15   INVALIDITY

     Each provision of this Deed is severable and distinct from the others and
     if at any time any provision of this Deed is or becomes illegal, invalid or
     unenforceable in any respect under the law of any jurisdiction, that shall
     not affect or impair:-

     (a)  the legality, validity or enforceability in that jurisdiction of any
          other provision of this Deed; or

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                                       -9-

<PAGE>

     (b)  the legality, validity or enforceability under the law of any other
          jurisdiction of that or any other provision of this Deed.

16   GOVERNING LAW

     This Deed shall be governed by and construed in accordance with the laws of
     Hong Kong and the parties hereby submit to the exclusive jurisdiction of
     the Hong Kong courts to settle any disputes which may arise out of or in
     connection with this Deed and waive any objection to proceedings in any
     such court on the ground of venue or on the ground that proceedings have
     been brought in an inconvenient forum.

IN WITNESS whereof this Deed has been duly executed on the date first above
written.

EXECUTED and DELIVERED as Deed   ) [COMMOM SEAL]
under the COMMON SEAL of         )

WHAMPOA HOLDINGS LIMITED         ) /s/ Susan Chow
                                   -------------------------

In the presence of:              ) /s/ Agnes Nardi
                                   -------------------------

EXECUTED and DELIVERED as a DEED ) [COMMON SEAL]
under the COMMON SEAL of         )

HUTCHISON                        ) /s/ Edith Shih
                                   -------------------------

TELECOMMUNICATIONS LIMITED       ) /s/ Frank Sixt
                                   -------------------------
In the presence of:              )

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                                      -10-

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