Geganet courted

20 October 2000

Geganet, the Cairo-based internet service provider (ISP), is being courted by Telecom Egypt, EgyNet and Orascom Telecom among other local companies seeking to enhance their market share through acquisition.

Geganet started operations in April 1997 and has built up a market share of about 10 per cent. One of the interested parties, Telecom Egypt, already owns a 10 per cent stake. The company's other shareholders are National Bank of Egypt which holds a 14.8 per cent share and Germany's Siemens with 75.2 per cent. Geganet's mother company is Egyptian German Telecommunication Industries (EGTI), which manufactures digital exchanges.

Geganet's management says it is considering all propositions.

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