VOL. XLVII

No 07

16-February-2004

TELECOMS

Orascom Telecom Sells West African GSM Operations

Egypts Orascom Telecom Holding (OTH) announced on 9 February that it is selling its controlling 51.7% equity stake in Ivory Coasts leading GSM services business, Telecel Loteny (TL), for $45mn. As a result of the sale, OTHs consolidated net debt will decrease by over $140mn for the completed sale, the company noted. The divestiture of the highly leveraged company advances OTHs announced program to cut its...