Egypt’s Orascom Telecom renews Bangladesh license

Egypt's telecom giant Orascom Telecom Holding says its Bangladeshi subsidiary Banglalink has been approved a 15-year license to continue operating in the country.

A statement from Orascom on Monday says Bangalink will pay US$263 million for spectrum and license renewal fees over a three-year period.

Orascom CEO Ahmed Abou Doma said the company was in negotiations with the Bangladeshi government for a year, resulting in an agreement that encourages continued investments in the country's telecommunication services.

The government says about 75 million people out of a nation of 160 million have cell phones.

Banglalink is one of Orascom's largest units by revenue. The company says it has over 20 million subscribers, representing a market share of 27 percent.

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