Orascom Telecom buys 11% of Mobilink for USD290 million

26 Jun 2007

Orascom Telecom Holdings has confirmed it has purchased an 11.3% indirect stake in its Pakistani GSM operation, Pakistan Telecommunications Company (Mobilink), for USD290 million from Saif Telecom. The company said it now owns 100% of the cellco, through direct stakes held by its wholly owned subsidiaries. Orascom said it will fund the acquisition with proceeds from the USD750 million senior notes issuance that closed in February.

At the end of April 2007 Mobilink claimed 25.21 million subscribers from a total 58.39 million wireless users across the country, according to figures compiled by the Pakistan Telecommunication Authority (PTA).