Dec. 5 (Bloomberg) -- Hutchison Whampoa Ltd., billionaire Li Ka-shing's largest company, will spend HK$4.9 billion ($628 million) to increase its stake in unit Hutchison Telecommunications International Ltd.

Hutchison Whampoa will boost its holding to 59.33 percent from 50.11 percent, the Hong Kong-based company said in a statement to the city's stock exchange today. The company said it will pay HK$11 each for the shares.

Orascom Telecom Holding SAE, the largest mobile-phone provider in the Middle East and North Africa, sold the stake to Hutchison Whampoa and its remaining 5 percent of Hutchison Telecom to Yuda Ltd., the Cairo-based company said in an e-mailed statement today. Orascom received $960 million for the stakes.

The Hong Kong company, which owns businesses ranging from telecommunications to ports and energy, said in November it had no plans to buy out minority shareholders in Hutchison Telecom. Orascom bought 19.3 percent of Hutchison Telecom for $1.3 billion in 2005. The Egyptian company said it sold a 5 percent stake in recent months for $327 million. Orascom generated $600 million of cash profit, according to the statement.

``With the proceeds of the sale Orascom Telecom will evaluate investment opportunities including acquisition of new licenses,'' Chairman Naguib Sawiris said in the release.

To contact the reporters on this story: Chia-Peck Wong in Hong Kong at cpwong@bloomberg.net To contact the reporter on this story: Abeer Allam in Cairo at aallam@bloomberg.net

Last Updated: December 5, 2007 12:59 EST