SHARM EL-SHEIKH, Egypt, May 24 (UPI) -- Egypt's Orascom Telecom is eyeing a bigger stake in Israeli mobile operator Partner Communications, the Israeli business newspaper Globes reported Wednesday.
Orascom Chief Executive Officer and Chairman Naguib O. Sawiris told the World Economic Forum on the Middle East in Sharm El-Sheikh this week that his company is seeking permission from Israel's Ministry of Communication to go ahead with the deal, the Globes report said.
Partner operates under the brand name Orange Mobile in Israel.
Sawiris also said Orascom is looking to fully merge with Hong Kong-based Hutchison Telecommunications International Ltd., which owns 51.8 percent of Partner, according to the report.
He said he believes the deal will take a long time to complete, the report said.
Orascom's plan is to begin this process by increasing its holdings in Hutchison from 19.3 percent to 23 percent, indirectly increasing its holdings in Partner as a result, according to the report.
Sawiris said the move requires Israeli permission, the newspaper reported.
The Egyptian company bought its Hutchison shares in December 2005. With the transaction, the companies cut a deal to prevent Orascom's indirect stake in Partner from exceeding 10 percent, because that would require Israel's permission, the report said.
