Orascom Telecom is reportedly eyeing new investments in Africa and Asia. Apparently, the biggest mobile phone operator in the Middle East and North Africa has set up a new unit called Telecel Globe to evaluate investment opportunities in the region.
According to Orascom’s Chairman and CEO Naguib Sawiris, Telecel Globe will work as a separate unit, with the mother company only supporting “its procurement power and commercial know how.” The problem in Africa, though, is taxation and regulatory burdens, and he called on African governments to do something about it so they could “maximize the positive impact of this investment.”
Orascom Telecom has a total of 74 million subscribers in six countries where it operates – Algeria, Pakistan, Egypt, Tunisia, Bangladesh and Zimbabwe. The company is known for establishing businesses in challenging environments — in January they’ve announced to launch the first commercial mobile service in North Korea, whilst last December they’ve sold 100% of its Iraq unit, Iraqna, for $1.2 billion to Kuwait-based Zain. Orascom reportedly at the moment eyeing Cuba following the country’s lifting on restrictions of mobile phone usage.
[Via: Unstrung]