Orascom unit shares to trade at London bourse
Cairo, March 12, 2012
Egypt's Orascom Telecom Media Technology (OTMT) received approval on Monday for its global depositary receipts (GDRs) to trade on the London Stock Exchange, the company said in a statement.
It said it expected trading to start on March 13.
OTMT was formed after Egyptian telecoms magnate Naguib Sawiris sold most of his assets to Russia's Vimpelcom in a $6 billion deal last year.
It includes telecom businesses in Egypt and North Korea and various other assets not included in the Vimpelcom deal.
OTMT said last month it had reached a preliminary accord to sell most of its stake in Egyptian telecoms operator Mobinil to fellow shareholder France Telecom.
It said it would give shareholders much of the $1 billion it stands to gain from the Mobinil deal and keep part of it for new business opportunities. – Reuters