Orascom Telecom finalizes to sell Powercom

Orascom Telecom, which operates in Egypt, has announced that its fully-owned subsidiary Telecel Globe has entered into an agreement to sell Powercom to Investec and Nedbank.
The consideration for the sale consists of all liabilities of Powercom of about US$60 million. The sale is conditional upon regulatory approval.
According to Orascom Telecom CEO Ahmed Abou Doma, they consider the transaction to be positive for Powercom as it­ strengthens the company through solid local partners. The development is also in line with the firm’s overall company strategy to focus on profitable growth. Powercom operates the Leo mobile network in Namibia.