Orascom Telecom Holding SAE (OTH), the leading GSM Telecommunications and Internet services operator in the Middle East, Africa and Pakistan, announced the settlement of the legal dispute with DREX Technologies, OTH’s partner in Syriatel.
The agreement, reached on July 16, 2003, settles all legal disputes and litigation in international and Syrian jurisdictions, according to a company press release. As part of the settlement, OTH will no longer hold any shares in Syriatel and will receive cash consideration to compensate for OTH’s initial investment, loans made to Syriatel and expenses incurred.
OTH will continue to provide management expertise to Syriatel on a contract basis for a management fee. OTH will complete the agreed transaction to dispose of its stake in Syriatel. OTH has cancelled the agreement it had signed with Cylotel in May 2002 to transfer its shares in Syriatel to Cylotel. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
