Egyptian-based telecoms group Orascom is not interested in acquiring a stake in Telekom Austria but hopes to enter the Namibian mobile market by the end of the year, reports Reuters. The news agency reports that Orascom chairman Naguib Sawiris told reporters yesterday there is no truth to recent speculation that his company is looking to bid for the parent company of mobilkom Austria.

However, Sawiris’ Namibian ambitions follow the establishment of a subsidiary, Telecel Globe, earlier this year to evaluate investment opportunities in Africa and Asia. With mobile market penetration of only 57 percent, Namibia is regarded as having prime investment potential. Existing operators are Cell One (Powercom) and MTC Namibia. Sawiris also reportedly said he would look at any offer to buy his company but would not sell at the current share price. According to Reuters, the shares closed on Wednesday at 30.90 Egyptian pounds (US$5.53), down from a year-high of 94.46 pounds in January. “If any offer comes it will be studied. If anyone is dreaming of buying at any level related to the current level he is dreaming,” Sawiris said.