Orascom suspends investment in North Korea

Egyptian group Orascom has reportedly suspended investments in its 75%-owned North Korean subsidiary, CHEO Technology.

According to local reports, local authorities in North Korea have blocked remittances of profits to Egypt. Orascom has invested approximately $200 million into the operator, with no returns paid as yet.

TeleGeography’s GlobalComms database states that Korea Post & Telecoms Corporation (KPTC) still owns a 25% stake in the company, with Orascom making up the rest of the holding.

The North Korean company generated $66.4 million in revenue in 2010, which are reportedly the latest figures available.

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