Egypt's Orascom Telecom to change name
CAIRO (AP) — Egyptian communications giant Orascom Telecom Holding says it plans to change its name to Global Telecom Holding before the end of 2012.
Orascom said in a statement Sunday that the decision was taken in a board of directors meeting on Friday and will be presented to shareholder assemblies expected to convene next month.
It is also for approval of changes to the company's investment in Orascom Telecom Holding Canada Limited, which currently owns 32.02 percent of the total outstanding voting shares and 65.08 percent of the total shares of Globalive Investment Holding Corp.
It said changes in Canada's foreign ownership laws allow it to convert non-voting shares in its Canada subsidiary to voting shares, resulting in Orascom controlling GIHC.
GIHC is the parent company of WIND Canada and Globalive Canada.