Egypt's OT buys remaining stake in Pakistan operator http://in.today.reuters.com/news/newsArticle.aspx?type=businessNews&storyID=2007-06-25T140649Z_01_NOOTR_RTRMDNC_0_India-281601-1.xml
Mon Jun 25, 2007
CAIRO (Reuters) - Egypt's Orascom Telecom has purchased the remaining 11.3 percent stake in its Pakistani mobile operator Mobilink for $290 million, a statement from the company seen on Monday said.
"As a result, Orascom Telecom Holding indirectly owns 100 percent of the share capital of Mobilink through direct stakes held by wholly owned subsidiaries of Orascom Telecom Holding," it said.
The statement added that the acquisition would be funded with proceeds from the $750 million senior notes issued in February.
"This transaction confirms our strategy to consolidate our ownership in our subsidiaries through acquisitions of minority shareholder stakes," Orascom Telecom Chairman Naguib Sawiris said in the statement.
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