Egypt’s Orascom Telecom Renews Zimbabwean Mobile License for $137.5 mln

Orascom Telecom Holding S.A.E. (“OTH” or “the Company”) (ORTE.CA) is pleased to announce that its indirectly held Zimbabwean subsidiary, Telecel Zimbabwe (Private) Limited, has reached an agreement with the government of Zimbabwe, represented by the Ministry of Finance, Ministry of Transport, Telecommunications and Infrastructure Development and POTRAZ (the Postal and Telecommunications Regulatory Authority of Zimbabwe), to renew its 2G/3G license in Zimbabwe for twenty years.

The license renewal fee amounts to USD 137.5 million.

Mr. Ahmed Abou Doma, OTH’s CEO commented: “I am very glad that we reached this agreement with the government of Zimbabwe. We will continue our drive to develop this market and bring the latest international technology and know-how to serve our increasing customer base in Zimbabwe”.