Orange creates separate Africa and Middle East unit
03 July 2015 |
Orange has established a separate holding company for its African and Middle East operations in a bid to increase its presence across the region.
The division, created on July 1 2015, includes all of the operator’s interests in 20 countries, from Botswana in southern Africa to Lebanon, Jordan and Iraq in the Middle East. Orange presently operates in 19 countries across Africa and the Middle East.
The separate unit will be used to increase growth over the next few years, said Ramon Fernandez, Orange’s group CFO. A single holding company will allow the operator to have all assets in the region, with one single legal structure.
"Africa and the Middle East is an area we consider being stronger than we are today, and we can build on those achievements," said Fernandez, adding that Orange is in a position to consider adding selective assets if the price is right.
The operator's revenues from the region increased by 7% to €4.29 billion, generating an operating profit of €1.4 billion.
Fernandez added that while Orange had not made any long-term decisions about partnerships, it could work with strategic or financial partners interested in the Africa and Middle East platform or eventually list the unit.