Just over a week since buying Italian utility ENEL out of fixed/cellular joint-venture Wind Telecomunicazioni, investment chief Naguib Sawiris appears to have ruled out an early IPO of with Wind or his family investment vehicle, Weather Investments II.

The result of last week’s €2bn transaction, given the somewhat convoluted shareholding structure involved, is to bring Weather Investments II a 97% stake in the original Weather Investments, which in turn now owns 100% of Wind and 50% plus one share of Orascom Telecom.

Naguib Sawiris stated "I am very excited to increase our investment in Wind and our exposure to Orascom Telecom where I see particular long term value potential in continuing our strategy of development of emerging market opportunities.”

That confidence appears to have been diluted in the last week with reports that Sawiris had spoken of an “indefinite” delay to any possible IPO of Wind, Weather or even a further sale of shares in Orascom Telecom Holdings itself.

At the end of last week, as Orascom passed the 50mn cellular subscriber benchmark, and revealed potential growth that could revise the prevailing view on equity sales. As  Sawiris said: “I am convinced that OTH is strategically, operationally, and financially well positioned to deliver superior growth and profitability in the future for its shareholders, and the 100 million subscriber mark by 2009 is our new target.”
Jim Chalmers