Question-and-Answer Session
Rhys Summerton:
I just wanted to check on two things, firstly could you explain to us your churn in Algeria, in more detail, and secondly looking at the numbers I get the impression that there is still quite a pricing pressure in Pakistan and I think in the fourth quarter you are going to see further pressure reductions on some of the on-net call pricing, can you give us your outlook on what you anticipate for next year or the year after. Do you expect prices to start stabilizing in Pakistan? I have a question for Naguib, having heard from the press about Weather and Orascom; could you give us an update on your latest thoughts on the group structure going forward?
NS:
On the last question, I explained in a press conference in Barcelona, we are not going to be merging Wind and Orascom Telecom, what I have always said we would like to get synergies between these two assets and bring them under one hat which we have done under Weather. So Weather is now the new Holding that has control over Orascom Telecom 51% and has control over Wind which will be 100% after the second closing. The vision now is to wait until we de-leverage and reach to an acceptable level which we expect will happen in 2006 and the target now is to look for a possible listing in the last quarter of 2006 of Weather, I repeat of Weather not Wind, not OT, and no merging. Listing will be most probable in Milan Stock Exchange.
AM:
Ok, for your two first questions on churn, as you know half of this churn is internal churn so there is nothing new here, I think we have taken measures to reduce this churn, so I expect next year will be a more normalized churn of around 25%, but the numbers are inflated from the internal churn we saw in the first half and also in July and middle of August. So I think first of all there is a lot of internal churn in this number, so it is a matter of cost, but in terms of market share is not as bad as it looks. And second point is that this will come back to a more normalized level around 20-25% next year.
RS:
So in the fourth quarter are you going to see a decline in the churn in Algeria?
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