Thursday, September 3, 2009

Orascom Eyes Small Acquisitions

Orascom Telecom, the Egyptian mobile operator, is looking at "small" acquisitions and not deals worth billions of dollars, the chairman reportedly said. "We are still making acquisitions and looking at things but they are all small things not worth billions (of dollars) but we are talking about tens of millions or hundreds of millions," he said without elaborating on possible targets.

He further said that it has no plans to sell Orascom's assets to repay debts owed by Weather. "We succeeded in restructuring all our debt and this is the global financial community's testament to the seriousness of Weather and our capability to always fulfill our obligations. So there is no reason to sell any assets," he said.

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