Egyptian cellular conglomerate Orascom Telecom (OT) has decided to sell its 20 percent stake in Uganda Telecom (Ucom) to Telecel International. The move is part of Orascom’s new approach of focusing its operations in North Africa and the Middle East, reported Al Alam Al Youm .
OT jointly purchased a 51 percent stake in Ucom with Germany’s Detecom and Africa’s Telecel International for $34 million in 2000, of which 20 percent is held by OT. The government of Uganda holds the remaining 49 percent.
Egyptian businessman Naguib Sawiris owns some 60 percent of OT, while the remaining shares are traded on the Cairo and London stock markets. The company was launched in 1998 in partnership with telecommunications giants France Telecom and Motorola for the purpose of creating Mobinil, the first privately owned mobile network in Egypt.
This past June, OT announced the sale of its 52.5 percents stake in Loteny Telecel of Cote D'Ivoire. A Share Purchase Agreement was signed with Access Telecom Mauritius, an emerging telecom player in West Africa, who will pay $40 million for the shares over the course of one year. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
