Egypt’s Orascom Telecom Holding (OT) announced that it has sold its 32 percent stake in SabaFon, Yemen’s GSM mobile communications operator to the Al-Ahmar Group. The company did not disclose further details regarding the transaction.
Al-Ahmar also acquired the shares of Hellascom in Sabafon. Sabafon's subscriber base had reached 89,000 at the end of the first quarter of the year 2002. “With the completion of this transaction, all litigation between the parties will be dropped, in addition to the legal actions against the former employees of Sabafon,” stated an OT perss release.
Over the past year, Orascom Telecom has also been trying to sell its loss making Sub-Saharan Africa subsidiary, Telecel, in a bid to decrease its debt burden and streamline operations. OT is a GSM telecommunications and internet services operator in the Middle East, Africa and the Indian sub-continent. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
