Sawiris to cede control of Orascom

Naguib Sawiris is preparing to cede control of Egypt's Orascom Telecom, the international mobile operator he founded in 1998, The National has reported. "People like me need to start thinking, 'I cannot keep controlling my company, I need to cede control in exchange for shared control'," he said. "But I don't want to be an insignificant shareholder." Orascom is the world's eighth-largest mobile company by subscribers, with more than 120 million customers in 10 countries across Africa and Asia.