OT has already signed an agreement with three local institutions – National Bank of Egypt, Banque Misr and Bank of Alexandria– to underwrite the issue for $150 million in hard currency and £E 700 million ($110 million) in local currency. The company plans to release further details of the offering once it receives approval from the Capital Markets Authority.

OT is in the process of consolidating operations in three countries. While it has suspended operations in Chad after failing to resolve a dispute over the TchadMobilenetwork, the company has agreed terms for the renewal of its GSM licence in Pakistan and is preparing to expand its services in Iraq. OT has also been in negotiations to buy a controlling stake in Bangladeshi GSM operator Sheba Telecomfrom its principal shareholder, Integrated Services (ISL), also of Bangladesh. Overall, OT acquired some 1.1 million subscribers in the three months ending 30 June, equivalent to a 14 per cent increase.