Naguib Sawiris steps down as the director of Hutchison Telecom International

Naguib Sawiris steps down as the director of Hutchison Telecom International

Orascom Telecom CEO Naguib Sawiris has announced his decision to step down from the position of the director of Hutchison Telecom International Ltd (HTIL).

His decision to leave the company led to speculation that Orascom was likely to sell its stake in HTIL. However, Sawiris has denied this possibility for now.

He seems to have lost interest in the company after they sold the stake in Indian telecom company Hutch to Vodafone. He said: “The Company is less interesting without India.”

Sawiris took over the position in HTIL after Orascom bought a stake in the Hong Kong firm in December 2005.

Orascom already has a strong presence in countries like Pakistan and Bangladesh.