As part of its debt reduction plan, Telecom Italia is planning to sell its 0.36 per cent stake in Dubai-based telecom service provider Oger Telecom to Saudi Oger for $477 million.

As part of its debt reduction plan, Telecom Italia is planning to sell its 10.36 per cent stake in Dubai-based telecom service provider Oger Telecom to Saudi Oger for $477 million. This will reportedly eliminate Telecom Italia’s earlier commitment to pay $150 million to Oger Telecom. The deal is expected to reduce Telecom Italia’s net debt by $633 million, and boost its profits by $121 million. The transaction is expected to be completed by the end of July 2007.