Hutchisovoltage regulatorn Telecom sells stake in Partner Communications

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Hutchison Telecom sells stake in Partner CommunicationsPublished: 29 Oct 2009 01:24:34 PST<p class="authorInfor"]</p]<!--begin CK content--]<ul class="narrow"]More From ChinaKnowledge.comChina Economy DataChina Business GuideChina DemographicChina Industrial ParksChina Financial Market<P]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.</P]<P]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.</P]<P]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.</P]<P]Partner Communications is a leading mobile communications operator in Israel.</P]<P]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.</P]
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