Bloomberg News

Orascom Telecom GDRs Slump After Cairo Shares Resume Trading

January 23, 2012

Jan. 23 (Bloomberg) -- Orascom Telecom Holding SAE’s global depository receipts, which represent five ordinary shares each, slumped 19 percent to $2.64 at 10:37 a.m. in London.

The company’s Cairo-listed shares traded at 2.88 Egyptian pounds, or the equivalent of 48 cents.

Cairo shares resumed trading yesterday for the first time in almost two months after the company split in two. The GDRs had gained 46 percent since the day before trading was halted in the Egyptian capital.

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


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