French telecom operator Orange is studying whether to float its African and Middle Eastern units as a way to raise money to cut debt and reinvest in Europe, the company said on Friday. The news was first reported on Thursday by financial newspaper Agefi. Orange, which has 91.8 million customers in about two dozen African and Middle Eastern countries, said in a statement the fast-growing regions remained a "key part" of its strategy.
"No decision has been taken regarding the exact details of any such project and no calendar has been defined," it said. Revenues in Africa and the Middle East climbed 7.4 percent to 2.1 billion euros ($2.65 billion) in the first half of this year, compared with a decline of 4.6 percent to 9.6 billion euros in France. Sales also fell in Poland and Spain, Orange's second and third-largest markets in Europe. In addition to a source of growth, Orange has used Africa as a launch pad for a successful mobile money service, which allows people without bank accounts or credit cards make payments or transfers with their phones. It has some 10.8 million users.