Bloomberg News

Orascom Telecom Jumps Most Since Sept. 20 on Demerger Plans

November 24, 2011

Nov. 24 (Bloomberg) -- Orascom Telecom Holding SAE, North Africa’s biggest mobile phone company by users, surged the most in more than two months before trading of the stock is halted to facilitate splitting the company in two.

Shares of the Cairo-based company soared as much as 8.5 percent, the most since Sept. 20, before trading 7.8 percent higher at 3.03 Egyptian pounds at 12:06 p.m. in Cairo. That pared the stock’s decline this week to 2.6 percent. The benchmark EGX 30 Index advanced 1.6 percent today.

Orascom said this week it had asked the Egyptian bourse to suspend trading of its shares to allow it to split into two companies. The bourse does not oppose suspending the stock after market close today, the company said.

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

To contact the editor responsible for this story: Mahmoud Kassem at mkassem1@bloomberg.net


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