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Orascom looks to expand in Europe
15 July 2010
Egyptian reports suggest that Naguib Sawiris’s Orascom is looking for investments in Serbian and Polish mobile operators
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Orascom
Sawiris
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Wind
Weather
Orascom Telecom, owned by Egyptian businessman Naguib Sawiris is seeking to acquire Polish mobile phone operator, Polkomtel, and Serbia’s Telekom Srbija, according to reports in Egypt. The company has not disclosed the amount of stakes it is looking to purchase.
Polish power group PGE owns a 21.85% stake in Polkomtel, while oil refiner, PKN Orlen, and copper miner, Polska Miedz, each hold 24.39%. Greece’s OTE owns a 20% stake in Telekom Srbija, which is majority owned by the government.
Cairo-based Orascom Telecom is 51% owned by Italy’s Weather Investments, which is majority owned by Sawiris and his family. Weather also owns Wind Telecomunicazioni and Greek telecom operator, Wind Hellas.
Orascom Telecom had planned to sell some of its African assets to Africa’s largest mobile network operator, MTN Group, in April 2010, which it cancelled due to regulatory hurdles. GTB