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OT Gets Two Offers For Algerian Operator
Published Sep 15, 2009
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Orascom Telecom Holding (OT) received two offers for the acquisition of the liquidated Algerian fixed line operator it had jointly owned with Telecom Egypt, but none of the offers had met Orascom Telecom's expectations.
OT decided to delay the sale until economic conditions improve and better offers are made.
Separately, OT declared that the winner of the bid to acquire LinkDotNet, its internet subsidiary that was recently offered for sale, would be announced in November 2009.
Egyptian telecom operators Mobinil and Telecom Egypt have submitted bids to acquire the internet operator.
Amr Badawy, chairman of the National Telecommunications Regulatory Authority (NTRA), previously declared that Telecom Egypt's acquisition of LinkDotNet did not conflict with monopoly laws in the telecom market, since Telecom Egypt already owns TEData, the dominant internet operator in the market, while LinkDotNet follows in terms of market share.
“We believe that Mobinil would most probably eye alternative prospects, in case it failed to win the bid, in order to ultimately support the internet and data segment of its business to face competition from Etisalat Egypt (which acquired internet companies, Nile Online and EgyNet, in 2008) and Vodafone Egypt (which acquired internet company, Raya Telecom, in 2007),” Beltone Financial said in its daily market report.
In related news, Standard & Poor's Ratings Services placed its 'B' long term corporate credit ratings on Orascom Telecom Holding (OT) and Orascom Telecom Finance CreditWatch with negative implications, reported Reuters.
Posted by
VMD - [Virtual Marketing Department]
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