Orange to unveil Egyptian unit’s debt restructuring strategy in January

Orange Egypt will announce next January a new strategy for debt restructuring plan in coordination with the parent company in France, said chief executive Jean-Marc Harion on Thursday.

A meeting scheduled for next January, Orange’s main stakeholders will discuss the optimal solution to restructure Orange Egypt’s debts worth 6 billion Egyptian pounds.

Orange Egypt incurred losses of 132.9 million pounds during the third quarter ended in September, compared to 20.6 million pounds registered in the same period a year ago.

Harion added that his company didn’t decide yet whether it would offer more shares of Orange Egypt for free floating on the Egyptian bourse due to the volatile market condition.

He further said that Orange Egypt would start providing fixed-line services at the beginning of 2017 upon a licence it was previously granted by the Egyptian telecom regulator, NTRA alongside with the 4G licence.

He stated that the Orange Egypt would receive10 MHz frequencies within three months as agreed with the NTRA.

Harion also denied rumors that there would be price hikes in any of the services Orange Egypt provides.