Orascom Telecom Holding S.A.E. (“OTH”) announced Tuesday that it had finalized an additional acquisition of 2.45% and 5.5% indirect equity stakes in its Algerian and Tunisian subsidiaries, respectively.
The agreement was finalized between OTH and the Palestine Pension Fund for the State Administrative Employees (“PPF”), the selling minority shareholder in two of OTH’s core GSM subsidiaries, Orascom Telecom Algeria (“Djezzy”) and Orascom Telecom Tunisia (“Tunisiana”).
As a result of the latest transaction, OTH increases its total direct and indirect ownership stake in Djezzy to 87.66% from 85.21% and has increased its ownership stake in Tunisiana to 50% from 44.5%. Pro forma for the new ownership after the three acquisitions of minority stakes in Djezzy and Tunisiana this year, OTH has increased its proportionate subscribers by 15.3%, and proportionate EBITDA by 22.5% based on financials for calendar year 2004.
This transaction concludes the exit of both PPF and the Palestine Investment Fund from Djezzy and Tunisiana.
