Business Services Industry
Orascom Telecom announces bid for stake in Brasil Telecom
Iraq Telecom, April, 2007 by Anonymous
EGYPT
Orascom Telecom, Egypt announced that it is bidding for a stake in Brasil Telecom Participacoes, the third-largest fixed-line operator in Brazil. Brasil Telecom also provides wireless and Internet broadband services. Orascom's CEO, Naguib Sawiris, however, refused to provide the financial details. The bid is being scrutinized by Telecom Italia International, which has a 38 percent stake in Solpart Participacoes, Brasil Telecom's holding company.
Orascom is a major telecommunications operator in the Middle East, Africa, and South Asia. The company is targeting the Latin American market. The company had more than 50 million subscribers in December 2006.
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