Hutchison Telecom to Sell its Stake in Partner Communications Company Ltd.
12 Agosto 2009 - 12:14PM
PR Newswire (US)
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. The Group currently offers mobile
and fixed-line telecommunications services in Israel, and operates
mobile telecommunications services in Indonesia, Vietnam, Sri Lanka
and Thailand. It was the first provider of 3G mobile services in
Israel. Its brands include "Hutch", "3" and "Orange". Hutchison
Telecom is a listed company with American Depositary Shares quoted
on the New York Stock Exchange under the ticker HTX and shares
listed on the Stock Exchange of Hong Kong under the stock code
2332. A member of the Hong Kong-based Hutchison Whampoa Group,
Hutchison Telecom is committed to providing superior
telecommunications services in dynamic markets. For more
information about Hutchison Telecom, see http://www.htil.com/ .
Cautionary Statements This press release contains forward-looking
statements. Statements that are not historical facts, including
statements about the beliefs and expectations of Hutchison
Telecommunications International Limited ('the Company'), are
forward-looking statements. These statements are based on current
plans, estimates and projections, and therefore you should not
place undue reliance on them. Forward-looking statements speak only
as of the date they are made, and the Company undertakes no
obligation to update publicly any of them in light of new
information or future events. Forward-looking statements involve
inherent risks, uncertainties and assumptions. The Company cautions
you that if these risks or uncertainties ever materialise or the
assumptions prove incorrect, or if a number of important factors
occur or do not occur, the Company's actual results may differ
materially from those expressed or implied in any forward-looking
statement. Additional information as to factors that may cause
actual results to differ materially from the Company's
forward-looking statements can be found in the Company's filings
with the United States Securities and Exchange Commission. For
enquiries, please contact: Ada Yeung Corporate Communications
Hutchison Telecom Tel: +852-2128-3106 Mobile: +852-6347-0619 Email:
DATASOURCE: Hutchison Telecommunications International Limited
CONTACT: Ada Yeung of Hutchison Telecom, +852-2128-3106 or Mobile,
+852- 6347-0619, Web Site: http://www.htil.com/
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