Orascom Telecom says in talks over Zimbabwe licence renewal

Orascom Telecom said that it is conducting talks over the terms and conditions to renew the licence of its Zimbabwean unit, Telecel. Responding to Egyptian Exchange (EGX) inquiries, Orascom said that Telecel Zimbabwe is not part of company’s consolidated financial resultsand represents a very tiny percentage of the group’s total revenues. On 31 May, the Zimbabwean government announced that it would not renew the licence unless Telecel turned over a majority of its shares to local shareholders. Orascom owns 60 percent of Telecel. The 15-year licence issued to Telecel, which has 2.6 million subscribers, expires next month.