Lion’s share: Orascom sells Leo

6 Jun 2011

Egypt-based mobile group Orascom Telecom, which recently finalised a merger deal with Russia’s Vimpelcom, disclosed last week that its subsidiary Telecel Globe has agreed to sell its wholly-owned Namibian cellular unit Powercom (currently trading as Leo) – to Investec and Nedbank Group. The cashless deal involves the buyers assuming USD60 million in debt owed by Powercom, and is pending regulatory approval, Orascom said in a stock market statement.

Namibia, Beeline (Russia), Global Telecom Holding (GTH, formerly OTH), Powercom (Namibia), VEON