Hutchison Telecom to sell its stake in Partner Communications Company

August 12, 2009

1 Min Read

HONG KONG -- 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."

Hutchison Telecommunications (Hong Kong) Ltd.

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