Oracom Telecom Unveils Ongoing Talks Over License Renewal In Zimbabwe

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.

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