Egypt Teleco OTMT Denies Halting Investments in N.Korea

Egypt’s Orascom Telecom Media and Technology Holding (OTMT.CA) announced that media reports about halting company’s investments in North Korea totally untrue.

The company added, in a release sent to the Egyptian Exchange on Monday that, despite that we have no current plans for new investments in North Korea, we are open for new investments in this market which we are working in it for six years.

The company did not announce intention to freeze its investments in North Korea market.

Orascom started offering 3G mobile services in North Korea in a joint venture with North Korea’s postal service in 2008. The joint venture, Koryo Link, is 75-percent owned by Orascom and 25 percent by the North. It has managed to attract 2 million subscribers.