Egypt's Orascom Telecom said on Monday its Canadian investment has been granted a spectrum license for wireless internet in Canada and expects to launch its network in the fourth quarter of 2009.

As an investor in Globalive Wireless, Orascom Telecom will provide its extensive expertise in launching and supporting new mobile ventures, Orascom Telecom CEO Naguib Sawiris said in the statement.

Shares in OT last traded 4.25 percent lower at 20.75 ($3.68) Egyptian pounds.

($1 = 5.6374 Egyptian pounds)

($1 = 1.26 Canadian dollars) (Writing by Alastair Sharp; Editing by David Cowell)

Egypt Canada