OTMTOn the Mark Technology, LLC
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Sawiris said that OTMT had engaged in the real estate sector in Africa, mostly in the area of tourism, but that it also saw great opportunity in the food business sector.
OTMT has reached an initial agreement with Network i2i, a subsidiary of Bharti Airtel for the sale of MENA Cables, a subsidiary of the Group, which owns 100% directly and indirectly in a deal worth $90m.
After signing the "indefeasible right of use" agreement with Telecom Egypt and acquiring mandatory permits, OTMT expects to launch Mena within a year as all marine construction was completed last year, it said.
OTMT was also looking at Europe, said Sawiris, because many big companies were selling assets in markets where they saw no possibility of further growth.
OTMT is a holding company that has investments in companies with operations mainly in Egypt, North Korea, Lebanon, Pakistan and other North African and Middle-Eastern countries.
duration, OTMT remains committed to playing a positive role in the development
The existing contracts of Zain and OTMT to run Touch and Alfa ran their course at the end of January but have been extended to end-February to allow the cabinet to consider the revamp.
It will divide into two companies: OT and Orascom Telecom Media and Technology Holding, or OTMT.
During the meeting, board members approved forming a consortium between OTMT and Inertia to bid in auctions launched by the New Urban Communities Authority (NUCA), until the acquisition becomes effective.
OTMT reported a consolidated net profit of EGP 897.
Egyptian holding company Orascom Telecom Media and Tech Holding has complied with all disclosure requirements, laws and regulations concerning corporate governance, regarding a sale transaction with OTMT and its Beltone Financial subsidiary, the company said.
Orange and Orascom Telecom Media and Technology (OTMT) have agreed that Orange will purchase all the shares and voting rights held directly or indirectly by OTMT in the Egyptian Company for Mobile Services (ECMS), which operates under the Mobinil brand.