* Hutch Tel shares suspended pending "substantial disposal"
* Stake in Partner estimated to fetch about $2.9 bln
* Proceeds may be used for capex, div payout - analyst (Recasts with Partner sale expected, adds analyst comments, details)
HONG KONG, Aug 12 (Reuters) - Hutchison Telecommunications
International Ltd <2332.HK> is set to announce the sale of its
controlling stake in Israeli telecom operator Partner
Communications
Hutchison Telecom, the international telecoms arm of ports-to-telecoms conglomerate Hutchison Whampoa <0013.HK>, asked for the trading suspended on Wednesday, pending an announcement regarding a "very substantial disposal." [ID:nHKG39125].
A company spokesman declined to confirm if the disposal referred to Hutchison Telecom's 51 percent stake in Israel's second-largest telecom operator, Partner, for which it had previously said it was looking for a buyer.
Hutchison Telecom reports results later on Wednesday and is due to hold a news conference.
"That's what it's most likely to be about," said Lisa Soh, an analyst at Macquarie Securities. "The proceeds may be used to fund its capex (capital expenditure) requirements for its emerging markets operations and likely for dividend payments."
Israel's Scailex Corp
Scailex imports mobile phones, mainly from Samsung Electronics <005930.KS>.
Last month, Israel's Maariv newspaper said Hutchison was seeking $18 a share instead of an initial, non-binding price of $15 a share offered by bidders, and that if Hutchison got $18 a share, Partner's market value would be $2.8 billion.
According to other local newspapers in Tel Aviv, three local firms, Scailex, FIMI mezzanine and buyout fund, and communications group Eurocom had made it to the final stage of the bidding. [ID:nLL414171]
Partner operates in Isral under the Orange brand name.
Hutchison Telecom's shares have risen 36 percent this year, underperforming a 40 percent gain in the benchmark Hang Seng Index <.HSI>. (Reporting by Nerilyn Tenorio; Editing by Anshuman Daga)