Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Egypt greenlights new public free zones to drive export growth    PM Madbouly reviews progress of 1.5 Million Feddan Project    PM Madbouly reviews progress on electricity supply for New Delta agricultural development projects    Australia to recognise Palestinian state in September, New Zealand to decide    Trump orders homeless out of DC, deploys federal agents and prepares National Guard    Egypt, Côte d'Ivoire hold political talks, sign visa deal in Cairo    Egypt's TMG H1 profit jumps as sales hit record EGP 211bn    Egyptian pound stable vs. USD at Monday's close    Egypt, Germany FMs discuss Gaza escalation, humanitarian crisis    Egypt, Huawei explore healthcare digital transformation cooperation    Global matcha market to surpass $7bn by 2030: Nutrition expert    Egypt, Huawei discuss expanding AI, digital healthcare collaboration    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Oil rises on Wednesday    Egypt, Uganda strengthen water cooperation, address Nile governance    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Egypt, Malawi explore pharmaceutical cooperation, export opportunities    Egypt's Foreign Minister discusses Nile water security with Ugandan president    Egyptians vote in two-day Senate election with key list unopposed    Korean Cultural Centre in Cairo launches folk painting workshop    Egyptian Journalist Mohamed Abdel Galil Joins Golden Globe Voting Committee    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Foreign, housing ministers discuss Egypt's role in African development push    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



MTN regrets not moving on Orascom deal
Published in Bikya Masr on 15 - 03 - 2011

South Africa's largest mobile operator MTN's departing Chief Executive Officer Phuthuma Nhleko said that he regrets not moving forward on a failed plan to purchase assets of Egypt's Orascom Telecom. He did add that the deal could return to the table and he hopes the company will take it.
The Orascom deal, he told reporters, was “far more definitive than MTN's failed bid to merge with India's Bharti Airtel and was hampered because of a regulatory issue in Algeria,” the CEO said.
According to Hussam Abdel Razak, a securities and telecom expert in Cairo, the deal should have gone through and he is unsure why MTN failed to capitalize on the acquisition, citing the possibility of Egyptian officials not backing the move.
“We often see a number of deals fall through in Egypt because of government officials who for some reason want to ensure companies maintain their Egyptian base,” he began. “This has been a major inhibitor in the past and we believe that some officials did not want to see a South African company move in and be a part of Egypt's top mobile operator.”
For now, the deal is dead, but according to Nhleko and Abdel Razak, the transaction could see new light in the post-revolution Egypt.
“It might be a bit early, but my guess is they will work something out,” Abdel Razak added.
BM


Clic here to read the story from its source.