orascom-sells-more-shares-in-hutchison-telecom

Orascom sells more shares in Hutchison Telecom

The strategic shareholder offloads another 2% stake at the same price it achieved in a placement just over two weeks ago.
November 12, 2007
It didnÆt seem like a night for placements with the Hang Seng Index having just dropped 3.9% on concerns of more subprime related losses at the major investment banks. Reports of a further delay to a scheme that will allow Chinese individuals to buy Hong Kong stocks also weighed on the local market, making investors reluctant to buy.

But that didnÆt stop EgyptÆs Orascom Telecom Holdings which yesterday sold another 2% stake in Hutchison Telecommunications International Ltd HTIL through a fixed-price block trade, only two-and-a-half weeks after its previous sale. However, the HK$1.01 billion $130 million transaction wasnÆt really that risky as the deal was essentially done as a private placement with the shares...
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