Orascom Telecom Holding (ORTE.CA) announced that the company is conducting talks over terms and conditions of license renewal for its unit in Zimbabwe Telecel.
OT added, in a release responding to the Egyptian Exchange (EGX) inquiries, that Telecel Zimbabwe is not part of company’s consolidated financial results adding that it represents a very tiny percentage in group’s total revenues.
On May 31st, Zimbabwe announced that it will not renew the license of a unit of Egypt’s Orascom Telecom (ORTE.CA) until it turns over a majority of its shares to local shareholders, state media reported on Friday.Orascom owns 60 percent of Zimbabwe’s second-largest mobile company, Telecel, which Transport, Communications and Infrastructure Development Minister Nicholas Goche said was in breach of its license requirements, the state-owned Herald newspaper reported.
The 15-year license issued to Telecel, which has 2.6 million subscribers, expires next month.
