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General

France Telecom increases stake in Orange Kenya to 60%

Wednesday 28 November 2012 | 10:23 CET | News
The Kenyan government's decision to convert its Orange Kenya debt into equity has cut its stake in the firm by nine percentage points leaving the majority shareholder, France Telecom, with nearly two thirds of the company. The Treasury converted its KES 4 billion shareholder loan to Orange into shares, and France Telecom swapped its KES 15 billion debt into equity. The agreement has cut the Treasury's stake in Orange Kenya to 40 percent from 49 percent and raised France Telecom's stake to 60 percent, Business Daily reported. Analysts said the conversion is highly overpriced, having valued the

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Categories: General
Companies: France Telecom / Orange Kenya / Safaricom
Countries: Kenya
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