Hutchison Telecommunications International has announced that its parent company Hutchison Whampoa, the Hong Kong-headquartered innovation and technology corporation, plans to acquire additional shares of the company from minority shareholders to enhance its control over the subsidiary.
Hutchison Telecom stated that Hutchison Whampoa will soon publish a related announcement. Hutchison Telecom has reportedly suspended share trading in Hong Kong Exchanges.
In October 2009, Hutchison Telecom sold most of its stake in Partner Communications, the second largest mobile operator in Israel, for USD1.4 billion. By a complete acquisition of Hutchison Telecom, Hutchison Whampoa can take better use of the fund and can better control Hutchison Telecom's business in emerging markets such as Vietnam and Indonesia.
Hutchison Telecom is a leading telecom service provider that currently offers mobile telecom services in Indonesia, Vietnam, Sri Lanka, and Thailand under the brands of Hutch, 3 and Vietnamobile. Hutchison Telecom is now 60.4%-owned by Hutchison Whampoa.