Orascom sells $198 million stake in HTIL

Hutchison Telecom International's strategic partner reduces its stake by 3% after a six-day winning streak for the stock.

EgyptÆs Orascom Telecom Holdings last night sold HK$1.53 billion $198 million worth of shares in Hutchison Telecommunications International HTIL through a block trade that was completed at a 5.3% discount to the latest close.

Orascom has been a strategic shareholder in HTIL since it bought a 19.3% stake in the Hong Kong-listed mobile and fixed-line operator in December 2005. The two firms said at the time they would seek to cooperate within a number of areas, including the procurement...

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