In the past decade, Orascom Telecom has grown from an Egyptian start-up to an international telecommunications giant that attracted more customers than any of its Middle East peers. The company rode the explosive growth of mobile phone use across Africa, the Middle East and the subcontinent, in combination with a strategy of making big investments […]
Egypt’s Orascom Telecom wants to expand operations in sub-Saharan Africa via acquisitions and is still seeking a small bank to strengthen its mobile banking offering in Pakistan. Orascom – which has its biggest operations in Algeria, Pakistan and Egypt – also expects a resolution to its tax stand-off with Algerian authorities within weeks, chief financial officer Aldo Mareuse told Reuters on Monday. “Telecel, which is our new African subsidiary, will need to consolidate and make more acquisitions,” Mareuse said, speaking by telephone from Paris. Telecel Globe, which provides less than 1.8 percent of Orascom’s revenues, exceeded one million subscribers for the first time in end-June figures – from users in Zimbabwe, Burundi, Namibia and the Central African Republic.