Cairo, February 22nd, 2009: Orascom Telecom Holding S.A.E. (“Orascom Telecom” or “OTH”) announces that it has received an indicative non-binding offer from The Egyptian Company for Mobile Services (“ECMS”) (EMOB.CA) for the acquisition of 100% of the shares of LINKdotNet and Link Egypt. The offer was approved by the ECMS Board of Directors on February 20, 2009. The transaction will be subject to a standard duediligence process and the valuation will satisfy arm’s length legal requirements, in line with best practices. The valuation will be finalized at the end of the due-diligence process and will be subject to OTH board approval. This transaction complies with OTH’s debt covenants.
”The sale of LINKdotNet to ECMS represents another key step in the implementation of our stated strategy to dispose of our non-core assets and focus on our GSM businesses. LINKdotNet has represented a highly valuable asset for our telecommunications business but we believe it can achieve its full growth potential by being managed within one of our
key operating subsidiaries. This transaction will enable ECMS to offer a full set of mobile and Internet integrated telecommunication services, in line with the current industry evolution“ said Naguib Sawiris, Orascom Telecom Chairman and CEO.