Hutchison Telecom may sell to majority shareholder

AP News
Posted: Jan 04, 2010 12:56 PM

Hutchison Telecommunications International Ltd., a Hong Kong-based telecom company, said Monday its majority shareholder Hutchison Whampoa Ltd. is considering buying the remaining stake in the company.

Hutchison Telecom asked the New York Stock Exchange to halt trading pending the release of the announcement.

According to Hutchison Whampoa's interim report, the company held a 60.4 stake in Hutchison Telecom at the end of June 2009.

U.S.-traded shares of Hutchison Telecom added 31 cents, or 10.3 percent, to $3.32 in morning trading before the halt. The stock has ranged from $1.42 to $4.19 over the past year.