Egypt's Orascom Telecom mulls selling sub-Saharan African operations.

By bne IntelliNews October 31, 2012
Egyptian telecoms group Orascom Telecom Holding is considering selling its sub-Saharan African operations, the company said in a statement on its website. It said it is currently performing a strategic review and valuation assessment of its operations in Burundi, Zimbabwe and Central African Republic to identify, examine and consider a range of strategic alternatives. Orascom added that the strategic options include, but are not limited to, a sale of all or a material part of the Sub-Saharan African Operations either in one transaction or in a series of transactions. Financial Times wrote earlier this week that Russian telecoms giant VimpelCom, the majority owner of Orascom, plans to sell its sub-Saharan African operations as part of a rationalisation strategy, aimed at focusing on increasing core earnings and reducing debt. According to an unnamed source of the daily, the three businesses, which have 2.8 million mobile subscribers and generated USD 94mn in revenues last year, could be valued at more than USD 60mn. Orascom Telecom reached over 83 million subscribers as of end-June in the Middle East, Asia and Africa.

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