Hutchison Telecommunications International Ltd. (HTIL) has agreed to the sale of its 51.31 percent controlling stake in Partner Communications Co. Ltd., its Israeli subsidiary, to Scailex an Israel-based importer of mobile phones, for 5.29 billion Israel New Sheckels (US$1.381 billion).
HTIL has made no secret of the fact that it has been looking for a buyer for Partner. The company's CEO, Dennis Lui, explains that, although it is a good business, it is in a mature market with limited growth opportunities and a long way from Hong Kong. Lui also confirms that HTIL is continuing its attempts to sell its operation in Thailand and says that now the changes in Hutchison CAT Wireless Multimedia Ltd. 's board have taken place, discussions could be reinvigorated. However, he cautions that no fixed timetable for negotiations was in place yet.
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