Orascom reduces HTIL stake

29 Oct 2007

Egyptian mobile group Orascom Telecom has cut its stake in Hong Kong’s Hutchison Telecom International (HTIL), selling around USD205 million worth of shares to reduce its holding in the wireless and fixed line operator from 19.3% to 16.3%. The move was in line with Orascom’s stated strategy to ‘monetise part of its stake in HTIL [part of conglomerate Hutchison Whampoa] while retaining its corporate governance rights.’