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Cairo, Egypt, 2010/02/04 - OTH has been awarded an extension to the management contract of Alfa, one of the two Lebanese mobile telecommunications operators, for a period of 6 months ending on 31 July. LSE: ORTEq.L, OTLD LI
Orascom Telecom Holding S.A.E. (“Orascom Telecom” or “OTH”) announces that after exceeding the 1 million subscriber mark required in its management contract signed with the Republic of Lebanon in January 2009, OTH has been awarded an extension to the management contract of Alfa, one of the two Lebanese mobile telecommunications operators, for a period of 6 months ending on 31 July 2010.
Under this contract, OTH receives a monthly sum of USD 2.5 Million in addition to 8.5% of total revenues. Out of these amounts Orascom Telecom Holding is liable to cover all the operational expenses (OPEX) of the network and is entitled to keep the remainder as management fees. The Republic of Lebanon is fully responsible for the CAPEX during the contract period.
The mobile network assets of Alfa were transferred to the Republic of Lebanon with effect on August 31, 2002 following the termination of the build, operate and transfer contract under which Alfa was constructed.
“We’re happy with the achievements made in the Lebanese mobile market through our management of Alfa during the past year, and are hoping to secure a presence for OTH within the long term plans of the Republic of Lebanon for its mobile communication market” said Khaled Bichara, Orascom Telecom’s CEO.
About Orascom Telecom
Orascom Telecom (orascomtelecom.com) is a leading international telecommunications company operating GSM networks in high growth markets in the Middle East, Africa and Asia, having a total population under license of approximately 510 million with an average mobile telephony penetration of approximately 47% as of September 30th, 2009. Orascom Telecom operates GSM networks in Algeria ("OTA"), Pakistan ("Mobilink"), Egypt ("Mobinil"), Tunisia ("Tunisiana"), Bangladesh ("banglalink"), North Korea (“koryolink”), and Canada (“WIND Mobile”) through its indirect equity shareholding in Globalive Wireless. In addition, OTH has an indirect equity ownership in Telecom Zimbabwe (Zimbabwe) and through its subsidiary Telecel Globe, OTH also operates in Burundi, the Central African Republic and Namibia. Orascom Telecom had almost 89 million subscribers as of September 30th, 2009.
Orascom Telecom is traded on the Cairo & Alexandria Stock Exchange under the symbol (ORTE.CA, ORAT EY), and on the London Stock Exchange its GDR is traded under the symbol (ORTEq.L, OTLD LI).