Business Services Industry
Orascom Telecom signs agreements to sell Central African GSM operations
Iraq Telecom, May, 2005 by Anonymous
Orascom Telecom Holding S.A.E. ("OTH") announced that a major step has been taken in the sale of its controlling 65 percent equity stake in Congo Brazzaville's leading GSM services business, Libertis Telecom ("Libertis"), as well as its indirect 100 percent equity stake in its operator in the Democratic Republic of Congo, Oasis Telecom ("Oasis"). Total consideration, including debt, for 100 percent of both operations is US$130 million. The divestiture advances OTH's announced program to strengthen its financial profile and streamline its geographic presence.
OTH developed the Libertis operation from launch in 2000 into a highly profitable business with increasing market share each year. The subscriber base increased to over 165,000 subscribers representing approximately 38...
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