Orascom Telecom

Orascom Telecom Undergoing Discussions about Sale of its African Assets

It has been reported that Egypt's Orascom Telecom is still discussing about the sale of its African assets. They still have expectations for a possible deal after unsuccessful talks with South Africa's MTN.

MTN had been in negotiations to acquire some or all of Orascom's operations. If all the assets of Egyptian firms were to be included, this deal could have created the world's third-largest mobile operator. After the Government of Algeria refused to let Orascom sell its profitable unit Djezzy, the talks collapsed.

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Orascom, France Telecom Disclose Details

It was seen that on Sunday, Orascom Telecom and France Telecom revealed the details of their Mobinil ownership pact which was followed by a request for clarity from Egypt's market supervisor.

On April 14, it was also noticed that the two firms declared a broad deal to end the quarrel over Mobinil that had gonedrag through international arbitration and Egyptian courts.

It was seen that the French firm under the deal decided to pay Orascom a settlement fee of $300 million.

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Orascom shareholders approve $800m rights issue

Shareholders in Orascom Telecom agreed on Sunday to an $800 million rights issue with a view to support the company's balance sheet.

Speaking on the issue, Orascom Telecom's CEO Khaled Bichara said, "We did the capital increase because some of the rating agencies came and said there was a question mark on the cash flow of Orascom."

Meantime, the Egypt-based Orascom Telecom is busy in resolving a dispute with Algerian tax authority that charged it with $596.6 million in back taxes plus penalties for not keeping proper accounts.

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