Orascom Telecom CEO denies firm for sale

10 Dec 2007

Egypt’s Orascom Telecom has denied reports that it has been put up for sale. Chief Executive Naguib Sawiris said in a statement: ‘Orascom Telecom is not on auction and my family and I have no interest in exiting the telecommunications industry and view ourselves as long term, strategic players.’ According to British broadsheet The Sunday Times, informal discussions over the future of Orascom have already been held with Deutsche Telekom, while other possible buyers include Vodafone, Telefonica and France Telecom. The paper claimed Orascom had appointed a team of investment bankers to study options for the group including an auction which could value the company at about USD17 billion including debt.

Egypt, Global Telecom Holding (GTH, formerly OTH)