Sawiris denies putting Orascom Telecom up for sale

10 December 2007
Egyptian billionaire Naguib Sawiris has denied rumours that his family has put its 51 per cent stake in Orascom Telecom up for sale.

“Orascom Telecom is not on auction and my family and I have no interest in exiting the telecommunications industry and view ourselves as long-term strategic players,” Sawiris said.
The family wanted to keep its stake in Orascom Telecom, but it was seeking one or more investors to buy a minority stake in Weather Investments, the investment vehicle that holds all the Sawiris family’s telecoms investments, including Orascom Telecom, he said.
Sawiris is thought to be in talks with private equity groups Blackstone, from the US, and the UK’s Apax.
Blackstone and Apax declined to comment.
Orascom Telecom operates licences in Egypt, where it partners France Telecom, Algeria, Tunisia, Pakistan, Bangladesh, and Zimbabwe.

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