OT confirms Dhaka deal

10 September 2004
Cairo-based Orascom Telecom(OT) has concluded the purchase of 100 per cent of the shares of Bangladeshi GSM operator Sheba Telecom. The $60 million deal consists of a $50 million cash payment and a $10 million repayment of the company's debts to the former controlling shareholder, Integrated Services (ISL), also of Bangladesh (MEED 27:8:04).

Accelerated network deployment is expected to require an estimated $250 million of investment. An extraordinary general meeting of OT shareholders on 1 September approved a proposed $260 million bond issue to refinance existing bank debt and finance the expansion of its overseas operations. EFG-Hermesis the global co-ordinator and adviser for the transaction (MEED 13:8:04, Banking & Finance).

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