Hutchison Telecom sells stake in Partner Communications

Oct. 29, 2009 (China Knowledge) - Hutchison Telecommunications International Ltd<2332><HTX>, the telecom unit of Hong Kong conglomerate Hutchison Whampoa<0013>, yesterday announced that Advent Investments Pte Ltd, a subsidiary, had completed the sale of its controlling stake in Partner Communications Co Ltd to Scailex Corp Ltd.

The proceeds from the sale will be retained for general corporate purposes pending the completion of a review of the company's capital requirements by the board, the company said in a statement.

In August, Advent Investments said it would sell its entire 51.3% stake in Israel's Partner Telecom for approximately US$1.38 billion. The company expected to gain approximately US$1 billion before tax.

Partner Communications is a leading mobile communications operator in Israel.

Hong Kong-based Hutchison Telecom is a leading provider of telecom services. The group currently offers mobile telecom services in Indonesia, Vietnam, Sri Lanka and Thailand, and operates the brands Hutch, 3 and Vietnamobile.