Orascom Telecom denies sale talk

CAIRO/LONDON: A British newspaper said Egypt’s Orascom Telecom, the fourth-largest Arab mobile operator by market value, has been put up for sale, but the company denied the report.

The Sunday Times said informal discussion over the future of Orascom have already been held with Deutsche Telekom, while other possible buyers include Britain’s Vodafone, Spain's Telefonica and France Telecom.

Chief executive Naguib Sawiris said in a statement, “Orascom Telecom is not on auction and my family and I have no interest in exiting the telecom industry and view ourselves as long term, strategic players.”

The Sunday Times had said Orascom had appointed a team of investment bankers to study options for the group including an auction which could value the company at about $17 billion including debt.

In the statement, Sawiris reiterated that Weather Investments, a telecoms holding company he heads, is in talks with private investors and may sell a minority stake in Weather. In October, Sawiris identified the investors as Blackstone Group and Apax Partners Worldwide.