WINDHOEK – Orascom Telecom Holdings, the biggest mobile phone company in the Middle East, rose 1,2 per cent in Cairo trading after a unit of the company bought mobile phone company Cell One in Namibia for US$59 million.
Bloomberg.com reported that Orascom Telecom increased its shares, bringing the company’s to US$4,7 billion.
Cell One has 198 000 subscribers and a 20 per cent share of the Namibian market.
As from last week, Cell One is now wholly-owned by Telecel Globe, following the closing of the sale of shares’ agreement on January 12 this year.
Telecel Globe is a subsidiary of Egyptian-based telecoms giant Orascom Telecom Holdings (OTH), which operates mobile networks with more than 70 million subscribers in Africa and Asia.
Telecel Globe has acquired all the shares previously held by Norway-based Telecom Management Partner (TMP), NamPower, Zeven Investment Corporation, Old Mutual and the PowerCom Educational Development Trust. -Nampa
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