orascom-sells-198-million-stake-in-htil

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 of network equipment, software and information technology as well as on international roaming and transmission costs. Orascom also has two seats on the HTIL board.

Both companies provide mobile telecom services with a specific focus...
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222