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Tuesday 24 June, 2008

OrascomTelecom Hldgs

OTH Monetizes Iraq Receivable

RNS Number : 3718X
Orascom Telecom Holdings S.A.E
24 June 2008
 





OTH Monetizes Iraq Receivables



Cairo, June 24th, 2008: Orascom Telecom Holding S.A.E. ('OTH') announced today that it has successfully closed the receivables monetizing transaction relative to the amounts due from MTC-Atheer for the disposal of the Iraqi GSM business concluded during December 2007. 


The monetizing transaction was arranged for the total amount of the receivables of US$ 1.2 billion without recourse on OTH. Through this transaction OTH has received the corresponding amount upfront.


OTH had announced on December 1st, 2007, that MTC-Atheer would pay 50% of the consideration for the purchase of the Iraqi business on the first anniversary of completion of the transaction and would deliver a promissory note for the remaining 50% due on the second anniversary.


This transaction was lead by National Bank of Kuwait S.A.K. as Mandated Lead Arranger, Purchase Agent and Bookrunner in addition to Calyon Corporate & Investment Bank and Gulf Bank K.S.C as Co-Arrangers & Mandated Lead Arrangers besides Al Ahli Bank of Kuwait K.S.C., Al Khalij Commercial Bank Q.S.C., Arab Bank PLC, Arab International Bank, Mashreq Bank PSC, Qatar National Bank S.A.Q., Ahli United Bank B.S.C., Arab African International Bank and International Bank of Qatar as Mandated Lead Arrangers.




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About Orascom Telecom

Orascom Telecom is a leading international telecommunications company operating GSM networks in six high growth markets in the Middle East, Africa and South Asia, having a total population under license of approximately 450 million with an average mobile telephony penetration of approximately 41% as of March 31st, 2008. Orascom Telecom operates GSM networks in Algeria ('OTA'), Pakistan ('Mobilink'), Egypt ('Mobinil'), Tunisia ('Tunisiana'), Bangladesh ('Banglalink'), Zimbabwe ('Telecel Zimbabwe'), and has acquired in early 2008 a license to operate mobile services in North Korea. Orascom Telecom had over 74 million subscribers as of March 31st, 2008.


Orascom Telecom is traded on the Cairo & Alexandria Stock Exchange under the symbol (ORTE.CA, ORAT EY), and on the London Stock Exchange its GDR is traded under the symbol (ORTEq.L, OTLD LI).





For further information:

 

Orascom Telecom Holding S.A.E                


Investor Relations Department

OTInvestorrelations@otelecom.com


Visit our website: www.orascomtelecom.com

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