Russian carrier VimpelCom said Monday it has agreed to sell a majority stake in its lucrative Algerian unit, Djezzy, to the Algerian state for an undisclosed sum.
Russian operator group Altimo has made a bid to acquire all shares in Egyptian counterpart Orascom Telecom Holding (OTH). The firm made an offer via the Egyptian Stock Exchange, and OTH said it learned about the offer through a notice published by Egypt’s Financial Supervisory Authority (EFSA).
France Telecom has agreed to buy the majority of the personal stake owned by Egyptian billionaire Naguib Sawiris in Mobinil. Sawiris is executive chairman of Orascom Telecom, which maintains a stake in the mobile operator.
The chief executive of second placed Russian carrier VimpelCom, Alexander Izosimov, is to step down at the end of June. Izosimov will be leaving on a high, having engineered the somewhat controversial merger with Orascom Telecom parent Weather, which created the world’s fifth largest mobile carrier.
Orascom has entered into talks with Zimbabwe’s government regarding the reduction of its 60 per cent stake in Telecel Zimbabwe. Under the country’s recent laws restricting foreign ownership of businesses, Orascom will be required to reduce its stake to a non-controlling 49 per cent
Telenor and VimpelCom are still slugging it out over the Russian player’s proposed acquisition of Wind Telecom, part of Egyptian billionaire Naguib Sawiris’ Weather Investments vehicle and owner of Orascom.
Norway-based Telenor has written to Russian carrier VimpelCom, in which it holds a 39.6 per cent stake, voicing its opposition to VimpelCom’s proposed merger with Weather Investments, which owns Orascom. In the statement, Telenor spokesman Dag Melgaard said: “We strongly support VimpelCom’s expansion in accordance with the principles agreed at the time the company was created.” But, he added: “In our capacity as a shareholder of Vimpelcom Ltd, we do not believe this transaction makes strategic of financial sense for VimpelCom’s shareholders.”
Egyptian carrier Orascom Telecom, part of Naguib Sawiris’s Weather Investments portfolio, has offloaded its operation in Tunisia for a total of $1.2bn.
Russia’s second biggest operator, VimpelCom, has merged with Egypt-based Orascom Telecom and investment vehicle Weather Investments, creating the world’s fifth largest mobile telecommunications carrier by subscribers.
Russian operator Vimpelcom and Egypt’s Orascom Telecom are reported to be close to finalising a deal to merge their telecoms assets. The merger would propel the newly created entity into the top ten largest mobile operators worldwide. The deal would also include Weather Investments, majority owned by Orascom chief Naguib Sawiris.
Egyptian carrier Orascom, run by billionaire businessman Naguib Sawiris, said this week that it has called off discussions with regional powerhouse MTN.
The Egyptian Government has brokered a deal between France Telecom and Egyptian entrepreneur Naguib Sawiris’ operator Orascom Telecom that will see the two firms remain partners in leading Egyptian carrier EMCS, which operates under the brand Mobinil
Egypt’s financial regulator has granted approval for the purchase of the stake it doesn’t already own in the country’s leading carrier Mobinil by France Telecom’s Orange. For some time the deal has been the subject of a spat between France Telecom and Mobinil’s other principal shareholder, Egyptian player Orascom Telecom.
Egyptian carrier Orascom Telecom announced a shake up of its leadership team, promoting chief operating officer Khaled Bichara to the position of group chief executive officer.
Egyptian carrier Orascom Telecom said Sunday that it has dropped court proceedings against France Telecom over the long running spat involving Egyptian mobile operator Mobinil.