Orascom Telecom CEO denies firm for auction
Published December 11th, 2007
A newspaper said Egypt’s Orascom Telecom , the fourth-largest Arab mobile operator by market value, has been put up for sale, but the company denied the report.
The Sunday Times said informal discussion over the future of Orascom have already been held with Deutsche Telekom , while other possible buyers include Vodafone , Spain’s Telefonica and France Telecom .
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.”
The Sunday Times had said Orascom had appointed a team of investment bankers to study options for the group including an auction which could value the company at about $17 billion (8.37 billion pounds) including debt.
Related Articles Egypt to auction 2nd fixed telephone line licence June 19