Orascom Telecom's Zimbabwean unit renews mobile licence

Egypt: Egypt’s Orascom Telecom has announced its majority-owned Zimbabwe subsidiary has renewed its mobile operating license for 20 years, Reuters has reported. Telecel Zimbabwe paid $137.5 million for the license, Orascom said, the same amount the country’s other two mobile companies had been asked to pay. However, the company did not say whether it had agreed to a demand by the Zimbabwe government that it cut its stake in the business to 40%. In May, Zimbabwe had threatened not to renew the licence until Orascom lowered its 60% stake by turning over a majority of its Telecel shares to local shareholders, Zimbabwe state media said at the time. [AMEInfo.com]

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