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Orascom Tel jumps 9.9 pct on Algeria News

By Reuters CAIRO: Egypt’s Orascom Telecom jumped 9.9 percent at the opening on Thursday, extending the previous day’s gains when an Algerian finance ministry source said the government would pay $6.5 billion for a majority stake in its Djezzy unit. The increase prompted the stock market to suspend trade on OT shares. Resolution of a …

DNE

Egypt climbs on optimism for Mobinil deal

By Reuters CAIRO: Egypt’s main index edged higher, lifted by property stocks as local investors bet on a flood of liquidity when Orascom Telecom Media and Technology completes its planned sale of Mobinil, traders said. Stocks rebound from a sell-off earlier in the session when institutions and foreign investors unloaded shares, apparently after a senior …

DNE

OT 4th quarter net loss narrows to $83 million

By Reuters CAIRO: Orascom Telecom Holding SAE (OT), the Egyptian company bought last year by Russia’s Vimpelcom Ltd, said on Monday it narrowed its losses in the fourth quarter to $83 million compared with a year earlier when it was hit by impairment charges. Orascom was expected to report net income of $70 million, according …

DNE

OTMT says Mobinil talks to finish in weeks

By Patrick Werr / Reuters CAIRO: Egypt’s Orascom Telecom Media Technology (OTMT) said on Wednesday it hoped to wrap up negotiations within a few weeks with France Telecom over the sale of most of its stake in Egyptian mobile operator Mobinil. Under the terms of a preliminary accord signed last week, France Telecom would buy the …

DNE

Egypt’s OTMT to pay dividend from Mobinil proceeds

CAIRO: Egypt’s Orascom Telecom Media Technology (OTMT) said on Monday it would give shareholders much of the $1 billion it stands to gain by selling its stake in Mobinil and keep part of it for new business opportunities. OTMT said earlier it had reached a preliminary accord to sell most of its stake in the …

DNE

Egypt bourse asks OTMT for details on Mobinil deal

CAIRO: Egypt’s stock exchange has asked Orascom Telecom Media and Technology for more details on a deal for France Telecom to buy out most of OTMT’s stake in jointly telecom operator Mobinil, it said in a statement on Tuesday. Under the terms of the accord, France Telecom will buy the stake held by Egyptian tycoon …

DNE

Orascom TMT says in talks with France Telecom over Mobinil

DUBAI: Orascom Telecom Media and Technology said on Sunday it is in talks with France Telecom over the future of their Egyptian joint venture Mobinil. The Egyptian firm said a decision was expected to come after a Feb. 13 meeting between the companies. France Telecom is the biggest shareholder in Mobinil and the second biggest …

DNE

Orascom, France Tel hold talks over Mobinil: source

CAIRO: Orascom Telecom Media and Technology is in discussions with France Telecom over the future of their Egyptian venture Mobinil, a person who said he was familiar with the discussions told Reuters. France Telecom, which declined to comment, is the biggest shareholder in Mobinil and the second biggest is the family of Egyptian businessman Naguib …

DNE

Orascom Telecom says stock to resume trade Sunday

CAIRO: Orascom Telecom (OT) said on Thursday its shares would resume trading on Sunday after the purchase by Russia’s Vimpelcom of most of the group resulted in it being split into two separate companies. Trading in OT’s shares has been suspended since Nov. 24 as it spun off Orascom Telecom Media and Technology (OTMT), which …

DNE

Orascom Telecom swings to Q3 net loss

CAIRO: Orascom Telecom swung to a net loss of $975 million for the third quarter from a profit a year earlier, when it reported a one-off gain from its Egyptian mobile business. Earnings before interest, tax, depreciation and amortization grew 21 percent to $481 million as revenues climbed 3.5 percent to $1.01 billion, the company …

DNE

Egypt’s Orascom Telecom renews Bangladesh license

CAIRO: Egypt’s telecom giant Orascom Telecom Holding says its Bangladeshi subsidiary Banglalink has been approved a 15-year license to continue operating in the country. A statement from Orascom on Monday says Bangalink will pay $263 million for spectrum and license renewal fees over a three-year period. Orascom CEO Ahmed Abou Doma said the company was …

DNE

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