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OT May Cancel LinkDotNet Sale
Published Oct 13, 2009
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Orascom Telecom Holding (OT) may cancel the sale of LinkDotNet if the offers are not lucrative enough, given new opportunities in the market including the offering of triple play licenses for compounds.
OT will reach a decision on the matter by the end of the year.
Telecom Egypt reportedly withdrew from bidding for LinkDotNet after the Minister of Telecommunications' statements that he does not wish for such an acquisition to take place as it would grant Telecom Egypt a share of over 90 percent of Egypt's broadband market, given that it already owns market leader TE Data.
An undisclosed source close to the ongoing deal said that Kuwaiti and Saudi companies are in the lead with their bids and that Telecom Egypt's offer was already too low.
He added that Mobinil could also withdraw in light of the high Gulf bids.
The COO of Mobinil said that his company is still interested in acquiring the internet provider but will withdraw if OT refuses its offer terms.
In related news, OT and France Telecom are awaiting the results of a request submitted by OT months ago to the Egyptian Financial Supervisory Authority to cancel the decision taken by the general assembly of the unlisted Mobinil consortium not to distribute profits worth LE 185 million.
Posted by
VMD - [Virtual Marketing Department]
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