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.