Lacom deal draws closer

3 Dec 2007

Egypt’s Orascom Telecom says it is close to finalising a deal to offload its stake in Algerian wireline operator Lacom to an unnamed Palestinian-Jordanian venture. ‘I think we have a buyer,’ Orascom Chairman Naguib Sawiris told Reuters: ‘We are at the last point of negotiations now, and that is [with] a Palestinian-Jordanian telecom company.’ Lacom, a 50:50 joint venture between Orascom and Telecom Egypt, launched in February 2006 but has struggled to make an impression on the market which is dominated by state-backed Algerie Telecom.