UPDATE 3-Hutchison Telecom sells Partner stake for $1.38 bln

* Scailex to buy 51.3 pct controlling stake in Partner

* Hutchtel sees about $1 bln pretax profit from Partner sale

* Proceeds may be used for capex, div payout - analyst

(Adds H1 earnings, expected H2 boost from Partner deal, quotes)

By Nerilyn Tenorio and Steven Scheer

HONG KONG/JERUSALEM, Aug 12 (Reuters) - Hutchison Telecommunications International Ltd (2332.HK) agreed the $1.38 billion sale of a stake in Israeli telecom operator Partner on Wednesday as it offloads certain overseas units to offset losses elsewhere.

Hutchison Telecom, the emerging markets telecoms arm of Hong Kong tycoon Li Ka-Shing's Hutchison Whampoa (0013.HK) conglomerate, said it expects to book a $1 billion pretax gain on the sale when it completes in the second half.

For Partner Communications (PTNR.TA) (PTNR.O), Israel's second-largest mobile phone operator, the sale to Scailex Corp (SCIX.TA) removes uncertainty surrounding the ownership of the 51.3 percent stake and may give it more cash.

Scailex, which imports mobile phones mainly from Samsung Electronics (005930.KS), said it will buy 78.94 million shares of Partner at $17.50 a share, above Tuesday's closing level on Nasdaq of $17.21.

Hutchison Telecom also reported a net loss for the first half, swinging from a year-earlier profit, but the company was positive about the second half of 2009.

"While the signs of any recovery in the global economy in the second quarter are unclear, we remain optimistic about the second half," Hutchison Telecom Chairman Canning Fok said in a statement.

Hutchison Telecom said it had not made a final decision on the use of proceeds from the transaction. In a statement it said its intention was "to retain the funds for general corporate purposes until completion of a detailed review of the HTIL group's capital requirements."

Lisa Soh, an analyst at Macquarie Securities, said: "The proceeds may be used to fund its capex (capital expenditure) requirements for its emerging markets operations and likely for dividend payments".

DIVIDEND PAYOUT

Analysts in Tel Aviv warned of a possible overpayment on the part of Scailex, saying Partner holds more risks than its peers.