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FINANCIAL NEWS
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.
More News
02 Jul 2025
BBK launches the largest-ever Al Hayrat Prizes, offering BD 5 million to over 2,000 winners
12 May 2025
Alsharifi: “Proud of our strategic partnership with the Royal Humanitarian Foundation”
04 May 2025
BBK offers exclusive Mortgage Loans for luxury villas and apartments on Reef Island
30 Apr 2025
BBK discloses its financial results for the first quarter ended 31st March 2025
25 Mar 2025
BBK’s General Assembly Approves 35% Cash Dividend Distribution to Shareholders
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