Orascom sells further 2% HTIL stake

13 Nov 2007

Egypt’s Orascom Telecom has cut its stake in Hong Kong-based telecoms group Hutchison Telecommunications International Ltd (HTIL) from 16.3% to 14.3% by selling around 95 million shares for approximately USD130 million. Late last month Orascom sold a 3% stake, around USD195 million worth of shares, in HTIL, which is a 50.1% owned subsidiary of Hong Kong conglomerate Hutchison Whampoa. Goldman Sachs today gave the opinion that it is only ‘a matter of time before Orascom Telecom sells out entirely.’