Orascom Telecom Holding S.A.E. (“Orascom Telecom”) announced today that it has been granted a further three month extension to its 100% owned Iraqi GSM operation, Iraqna. Iraqna is the leading telecommunications operator in Iraq in terms of subscribers, revenue, and network coverage and has been the leading force in the development of Iraq’s telecommunications market since its commercial launch in December 2003.
Iraqna has invested over US$ 280 million in its GSM mobile network since its inception, despite facing severe challenges in building out its network due to the hazardous conditions in Iraq. The company served approximately 2.5 million active subscribers as at September 30, 2006.
The new agreement to extend Iraqna’s license for a three-month period from the end of December until March 31, 2007 does not change the other terms of the interim license. During this period, Iraqna will continue to pay a “Revenue Sharing” fee of 13% of gross revenues less amounts paid to the Iraqi Telephone & Post Company and other licensed mobile operators for interconnection and access services.
About Orascom Telecom Holding
Orascom Telecom is a leading international telecommunications company operating GSM networks in seven high growth markets in the Middle East, Africa and South Asia, having a total population under license of approximately 460 million with an average mobile telephony penetration of approximately 22% as at 30 September 2006. Orascom Telecom operates GSM networks in Algeria (“OTA”), Pakistan (“Mobilink”), Egypt (“Mobinil”), Tunisia (“Tunisiana”), Iraq (“Iraqna”), Bangladesh (“Banglalink”), and Zimbabwe (“Telecel Zimbabwe”).
Orascom Telecom had over 50 million subscribers as at December 2006. Orascom Telecom owns 19.3% of Hutchison Telecommunications International Limited, a leading telecommunication services provider operating in eight countries.
Orascom Telecom is traded on the Cairo & Alexandria Stock Exchange under the symbol (ORTE.CA, ORAT EY), and on the London Stock Exchange its GDR is traded under the symbol (ORTEq.L, OTLD LI).