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TMCNet: Egypt's Orascom sells non-core business for $180m

[November 21, 2008]

Egypt's Orascom sells non-core business for $180m

Nov 21, 2008 (Datamonitor via COMTEX) --
Egypt-based mobile operator Orascom Telecom has agreed to sell its OrasInvest arm to Abu Dhabi Investment for $180m as part of its plans to outsource non-core activities.

OrasInvest builds and maintains mobile phone transmission towers and switches and runs packaging, delivery, and collection services for Orascom, which as part of the agreement, will continue to use OrasInvest's services.

Abu Dhabi Investment will pay $90m in cash and the remaining $90m will be paid in the form of interest-bearing promissory notes due 12 months. The transaction will generate a capital gain of $175m.

OrasInvest was established in 1998 provides telecoms and business services to the Egyptian market. It also provides switches, packaging, delivery, and collection services. It also operates as Servitec, Conserve, Collect, and Contra.

Naguib Sawiris, chairman and chief executive at Orascom Telecom, said: "As announced at the beginning of the year, OTH is looking at disposing of its non-GSM businesses and the sale of OrasInvest represents the first step in this direction. In this rapidly changing environment, the sale of OrasInvest to the Abu Dhabi Investment Company allows us to outsource non-core assets and activities, while continuing to benefit from the goods and services provided."



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