Egypt’s telecommunications giant Orascom Telecom says its fully owned subsidiary, Telecel Globe, has finalised a deal to sell its Namibian unit Powercom to Investec and Nedbank.
A statement from Orascom on Thursday said the sale includes $60m of Powercom liabilities. The total value of the deal was not disclosed. Powercom is Namibia’s second mobile licensee and operates the Leo network in the south-west African nation.
Orascom says the sale will require regulatory approval.
Orascom CEO Ahmed Abou Doma was quoted as saying the deal is good for Powercom because “it strengthens the company through solid local partners”.
Orascom Telecom is a leading international telecommunications company operating GSM networks in high growth markets in the Middle East, Africa and Asia and has an indirect equity shareholding in Globalive Wireless Canada. — Sapa-AP
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