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Orascom Telecom denies signing renewable energy contracts

Orascom Telecom denies signing renewable energy contracts
Orascom Investment Holding
OIH
-3.26% 0.42 -0.01

Cairo-Mubasher: Orascom Telecom said it was qualified among several companies for the tender of the Ministry of Electricity related to the establishment of renewable energy stations.

The company said in a statement that it has not signed any contracts with the Ministry, and there are no any relevant commitments.  

A source at the company told Mubasher in a phone call that the news about signing contracts to build three renewable energy stations with EGP 1 billion investments is groundless. However, he indicated that Orascom Telecom was qualified among several companies for the project.  

The Egyptian Exchange (EGX) decided today to halt trading on Orascom Telecom until the company replies to the bourse inquiries about winning three contracts to build renewable energy stations in Upper Egypt with investments totaling EGP 1 billion.

Consolidated financial statements for the first nine months of 2014 reflected EGP 603.4 million net earnings, dropping 51% compared with EGP 1.2 billion in the same period of 2013.

Photo Credit: Arabianeye-Reuters