Orascom chief steps down from Hutchison board
07 Mar 2007
New Delhi: Eqyptian firm Orascom''s CEO Naguib Sawiris has stepped down from the board of Hong Kong-based Hutchison Telecom (HTIL), a few days before its shareholders are scheduled to consider the sale of its stake in Indian mobile venture Hutch-Essar to Vodafone.
Sources close to the development said his resignation could be construed to his reservations over the Hutchison-Vodafone deal and the development could be a precursor to Orascom selling its 19.3 pc stake in HTIL.
HTIL would seek shareholders'' support for the deal on March 9 and Sawiris'' resignation could play a dampener given Orascom''s significant stake, the sources added.
Orascom
itself had been interested in acquiring control of Hutch-Essar
and is believed to have expressed its unhappiness to Hutchison
top brass over the deal.
