Egyptian telecom firm Orascom's CEO Naguib Sawiris has resigned from the board of Hong Kong-based Hutchison Telecom, days before its shareholders are scheduled to consider the sale of its stake in Indian mobile venture Hutch-Essar to Vodafone.
While HTIL asserted Sawiris had no 'disagreement' with the board that could have fuelled his resignation, sources close to the development here said that it might be because of his reservations over the deal and the development could be a precursor to Orascom selling its 19.3 per cent 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.
"Sawiris has no disagreement with the board and he is not aware of any matter relating to his resignation