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Egypt's Orascom finalises sale of Namibian Powercom unit Sale awaiting regulatory approval is part of company strategy to focus on profitable growth, says Orascom chief
Egypt's Orascom Telecom finalised an agreement to sell its Namibian unit Powercom to Investec and Nedbank, the firm said on Thursday, noting the sale required regulatory approval. OT Chief Executive Ahmed Abou Doma said the sale, which includes liabilities of Powercom totalling US$60 million, would strengthen its ties with local partners. It did not give a value for the deal. "We consider this transaction to be positive to Powercom as it strengthens the company through solid local partners. This is also in line with our overall company strategy to focus on profitable growth," the statement cited him as saying.
