Orascom acquires Sheba Telecom

6 Sep 2004

Egypt-based telecoms services provider Orascom Telecom Holding has acquired 100% of Bangladeshi GSM mobile network operator Sheba Telecom for a cash consideration of USD50 million from its current owners Malaysia’s Technology Resources Industries (51%) and local company Integrated Services Limited (49%). The deal also includes the repayment of USD10 million of financial debt. Sheba Telecom holds a nationwide licence, although its network currently only serves around 60,000 subscribers in and around Dhaka, Chittagong and Sylhet. Orascom Telecom plans to invest approximately USD250 million in developing its Bangladeshi asset over the next few years.

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