HONG KONG, Aug. 12 /PRNewswire-Asia-FirstCall/ -- Hutchison
Telecommunications International Limited ('Hutchison Telecom', 'the Company';
SEHK: 2332; NYSE: HTX) announced today that its subsidiary, Advent Investments
Pte Ltd, has entered into a conditional agreement with Scailex Corporation
Ltd., an Israeli company listed in the Tel Aviv Stock Exchange, to sell its
entire 51.3% equity interest in Partner Communications Company Ltd.
('Partner') for a consideration of approximately US$1,381 million or HK$10,706
million (or NIS5,291 million based on an exchange rate of US$1 to NIS3.83),
which represents US$17.50 or NIS 67.025 per Partner share. The purchase price
is comprised of cash of approximately US$1,081 million or HK$8,381 million and
a secured debt instrument of US$300 million (approximately HK$2,325 million).
The transaction is expected to close in the fourth quarter of 2009
conditional on Israeli regulatory approvals and Hutchison Telecom's
shareholders' approval. Upon completion of the transaction, the Company is
expected to realise an estimated gain before tax of approximately US$1,000
million or HK$7,750 million.
Canning Fok, Chairman of Hutchison Telecom said: 'This transaction brings
to realisation the significant value that we have created in Israel. We are
proud to have built Partner into a respected and valuable company and we
believe this is the right time to monetise the gain from our investment for
the benefit of the Company and its shareholders. I thank the management team
and all the staff at Partner for their dedication and hard work throughout.'
Going forward, Hutchison Telecom will continue its strategy of becoming a
leading mobile operator in emerging markets and focusing on developing its
existing operations in Indonesia, Vietnam and Sri Lanka.
The shareholders' meeting to approve the transaction will be held as soon
as practicable.
About Hutchison Telecommunications International Limited
Hutchison Telecommunications International Limited ('Hutchison Telecom' or
'the Group') is a leading provider of telecommunications services.
