On The Money - In Brief

Mergers, Acquisitions and Financial Results

- Egypt's Orascom Telecom and Kurdish operator Korek Telecom have agreed to a $2.2 billion joint venture that would provide immediate access to the northern region of Iraq and four million subscribers. Orascom will hold 70% of the venture and Korek 30%, according the report which cited Orascom as its source. The move would give the joint venture a 40% market share.

- Egyptian telecoms holding company Orascom Telecom has announced that its first half net income tripled year-on-year to USD995 million, boosted by the sale of its stake in Hutchison Essar, which generated a USD708 million one-off gain. Total subscribers exceeded 61 million, up 51% on June 2006, while proportionate subscribers rose 64% to 51 million.