Bloomberg News

Orascom Telecom Holding Advances After Shareholders OK Split

October 24, 2011

(Updates with bourse cancellation of first trade in third paragraph.)

Oct. 24 (Bloomberg) -- Orascom Telecom Holding SAE, North Africa’s biggest mobile network operator, headed for the biggest gain in more than a week after shareholders approved splitting the company in two entities.

Shares of the Cairo-based company increased 1.6 percent to 3.23 Egyptian pounds at 11:05 a.m. in Cairo, poised for the biggest daily gain since Oct. 13. The benchmark EGX 30 Index declined 0.4.

Orascom’s shareholders approved the company’s split in two into Orascom Telecom Holding S.A.E. and Orascom Telecom Media and Technology Holding S.A.E. The split facilitates a merger with Russia’s VimpelCom Ltd.

Egypt’s bourse had canceled the first trade on the company’s shares today because of a “procedural error,” bourse spokesman Hisham Turk said by telephone.

--Editors: James Kraus, Peter Branton

To contact the reporter on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


Race, Class, and the Future of Ferguson
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus