Cairo-based Orascom Telecom (OT)completed on 19 January the sale of its entire 91.6 per cent holding in the company to Kuwait’s Mobile Telecommunications Company (MTC)in a deal worth $424 million, to take the Kuwaiti firm’s stake to 96.5 per cent (MEED 3:1:03). ‘As consideration for the stake in Fastlink, OT receives $373.9 million in cash, release from a $20 million loan which MTC has assumed in its stead, and an equity stake in Orascom Telecom Algeriaformerly held by Fastlink,’ OT said in a statement. ‘The transaction represents the largest steps to date in the implementation of OT’s plan to restructure its balance sheet.’ OT recorded a net loss of £E 96 million ($21 million) for the nine months ending 30 September, compared with losses of £E 163 million ($35 million) for the same period in 2001, but the sale of both its Jordanian and Tunisian operations should improve full year results (MEED 17:1:03). Revenues from the intended sale of the company’s stake in GSM operator Syriatelhave been blocked by a legal dispute with its Syrian partners.