On The Money - In Brief

Mergers, Acquisitions and Financial Results

- The Egyptian government is believed to be considering the sale of a portion of its 80% stake in fixed line incumbent Telecom Egypt, Reuters reports. A final decision has yet to be reached on such a divestment, but commenting on the development, Tarek Kamel, Egypt’s communications minister, said: ‘When I was asked a question on whether it was possible to put an additional stake from Telecom Egypt on the stock exchange in the future, my response was yes, dependent on ongoing studies with experts and consultancies.’ No timeframe for a final decision on a stake sale has been suggested, and Mr Kamel also noted that any such action would require approval by the cabinet.

- Orascom Telecom Holding (OTH) says that it has lost the appeal against back-dated tax claims that were landed on its Algerian subsidiary Orascom Telecom Algérie (OTA). The company doesn't have to pay the full amount yet but will be required to pay a further 20% of the claim pending its next appeal with the Central Commission.