EBITDA climbed 17.2 per cent to £E 1,519 million ($256 million) in 2002, while total revenue increased 7 per cent to £E 4,060 million ($688 million). Subscribers increased 12 per cent over the course of the year to 4.3 million. OT recorded a net loss of £E 96 million ($21 million) for the nine months ending 30 September, but in the fourth quarter sold the company’s stakes in Tunisia’s second GSM licence and in Jordan Mobile Telecommunications Services (Fastlink)for $113.5 million and $424 million respectively (MEED 17:1:03).

The Telecel divestment has been broken down into tranches. Telecel Gabon, Telecel Benin, Telecel Niger, Telecel Togoand Telecel Burkina Fasoare being acquired by Atlantique Telecomof the Ivory Coast for $23.1 million in cash and a debt reduction of $81 million. Only the first three asset sales were booked in 2002 while the final two are set to be booked in the second quarter of 2003.