Orascom seeks approval to up stakes in Partner & HTIL

27 Mar 2006

Israeli cellco Partner Communications is to ask the country’s Ministry of Communications to allow its indirect shareholder Orascom Telecom to increase its stake in the company to more than 10%. Orascom completed the purchase of a 19.3% share in Partner’s parent Hutchison Telecom International (HTIL) in December, giving it an indirect 9.99% stake in the Israeli operator. Under the terms of the deal Orascom has approval to increase its stake in Partner, as well as an option to up its holding in HTIL by a further 3.7% this year, taking its indirect holding in Partner to 11.9% – above the 10% ceiling stipulated in the terms of the cellco’s licence. Any such increase requires the signed approval of the Minister for Communications.