ORASCOM Telecom, one of Egypt’s leading telecommunications company subsidiary, Telecel Globe has announced the sale of its Namibian business component, Powercom to Investec and Nedbank.
The move, analysts here in Cairo say, was expected in order to give the company more investment power elsewhere.
“This was a deal that we had long expected to see take place, especially as Orascom looks to make investments elsewhere,” says Nabil Huwaishi, a Cairo based securities analyst.
Orascom confirms the sale includes a $60 million of Powercom liabilities.
The Namibian governmental regulator will now be required to approve the sale before it can be completed.
Orascom CEO Ahmed Abou Doma says the partnership deal is good for Powercom as it may strengthen the company’s growth
Orascom has become a leading international telecommunications company operating in the Middle East, Africa and Asia. It has an indirect equity shareholding in Globalive Wireless Canada.
By: Staff Writer
