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Egypt’s Orascom extends Zimbabwe mobile license for 20 years

08 Aug 2013

(MENAFN) Egypt’s Orascom Telecom announced a 20-year extension of a mobile license for its majority-owned Zimbabwe subsidiary, Reuters reported.

The original 15-year licence issued to Telecel, which has 2.6 million subscribers, expired in June.

The company did not say whether it had agreed to a demand by the Zimbabwe government that it cut its stake in the business to 40 percent.

Orascom said that Telecel Zimbabwe paid USD137.5 million for the licence, which is the same amount the country’s other two mobile companies had been asked to pay.

In May Zimbabwe state media reported that the government had threatened not to renew the license until Orascom lowered its 60 percent stake by turning over a majority of its Telecel shares to local shareholders.

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