On The Money - In Brief

Mergers, Acquisitions and Financial Results

- Orascom Telecom added over three million new customers to its ranks in the three months ended 31 March 2005, to take its total to 17.5 million in nine countries. Consolidated revenues for the period were EGP4,145 million with the main contributors being Algeria (35%), Pakistan (22%), Egypt (13%) and Iraq (9%). Net income climbed by 67% compared to the same period of 2004 to EGP788 million. The operator confirmed it was close to closing the sale of its 65% stake in Congo Brazzaville’s GSM business Liberis, as well as its 100% equity stake in Democratic Republic of Congo’s Oasis Telecom for USD130 million. According to Naguib Sawiris, Chairman and CEO of OTH, the transaction is in line with the company’s strategy of concentrating on core assets in Algeria, Pakistan, Eqypt, Tunisia, Iraq and Bangladesh