PARIS: French telecom operator Orange is studying whether to float its African and Middle Eastern units as a way to raise money to cut debt and reinvest in Europe, the company said yesterday.
The news was first reported on Thursday by financial newspaper Agefi. Orange, which has 91.8 million customers in about two dozen African and Middle Eastern countries, said in a statement the fast-growing regions remained a “key part” of its strategy.
“No decision has been taken regarding the exact details of any such project and no calendar has been defined,” it said.
Revenues in Africa and the Middle East climbed 7.4 percent to ¤2.1bn ($2.65bn) in the first half of this year, compared with a decline of 4.6 percent to ¤9.6bn in France.
Reuters
