Orascom sells off LinkdotNet and Link Egypt to Mobinil (Egypt)
Orascom Telecom, the Egyptian telco, has agreed to sell off its broadband arm and its software development company LinkdotNet and Link Egypt, respectively, to Mobinil, Egypt’s leading mobile operator.
Orascom Telecom had sought to sell the two business in a meeting held on 20th February.
According to the chief Executive Officer and Chairman of Orascom Telecom, Naguib Sawiris, “LinkdotNet has represented a highly valuable asset for Orascom Telecom, but we believe it can achieve its full growth potential by being managed within one of our key operating subsidiaries. This transaction will enable Mobinil to offer a full set of mobile and internet integrated telecommunication services.”
The Egyptian telco also sets a target of $1bn rise in its cash flow by Sept’09-end.
