Orascom closes HTIL stake sale

4 Jan 2008

Orascom Telecom (OTH) announced in a press release today that it has completed and satisfied all the closing obligations pertaining to the sale of its entire stake in Hutchison Telecommunications International Ltd (HTIL) to Hutchison Whampoa Limited and Yuda Limited, an entity owned and controlled by [Hutchison figurehead] Mr Li Ka-shing. OTH has received the sale proceeds amounting to HKD7.5 billion (USD956 million). The proceeds of the sale shall be applied to reduce the standalone debt position of OTH.

Hong Kong, CK Hutchison, Global Telecom Holding (GTH, formerly OTH)