Orascom Tele Media OTMT OTMT Assign to FT its GSA with ECMS

  Orascom Tele Media (OTMT) - OTMT Assign to FT its GSA with ECMS

RNS Number : 6496O
Orascom Telecom Media & Tech Hldng
14 October 2012




                                                                             

  .Not for distribution directly or indirectly in the United States, Canada,
                             Australia or Japan

                                      

                       OTMT to assign to France Telecom
                     its General Services Agreement with
                the Egyptian Company for Mobile Services S.A.E

                                      

Cairo, October 15, 2012: Orascom Telecom Media and Technology Holding  S.A.E. 
("OTMT" or the "Company")  has announced today that  it has received a  notice 
(the "Notice") pursuant to which France Telecom ("FT") exercised its right  to 
require OTMT  to assign  to  FT the  general  services agreement  (the  "GSA") 
governing the provision of services by OTMT to the Egyptian Company for Mobile
Services S.A.E ("ECMS"), along with  certain related deferred receivables,  in 
compliance with  the Master  Agreement  between FT  and  OTMT as  amended  and 
restated on April 11, 2012 and in accordance with the joint announcements made
by the same parties or their predecessors  in interest on May 9, 2010, and  on 
April 12, 2012. OTMT and  FT also expect to  enter into a transition  services 
agreement with ECMS  pursuant to which  OTMT and  FT will assist  ECMS in  the 
review of other related  party agreements ECMS has  with OTMT, FT and  certain 
related companies  in order  to  consider potential  ways to  further  improve 
ECMS's cost structure;  such transition  services agreement  would not  impose 
additional financial obligations on ECMS.  In connection with the  assignment 
to FT of  the GSA and  the related deferred  receivables and undertakings,  as 
well as the entering of the  transition services agreement in favour of  ECMS, 
FT will pay OTMT a transfer fee of EUR110,000,000, to be marginally increased
pursuant to the terms of the Master Agreement. Following the assignment of the
GSA, OTMT expects to continue to offer management support services to ECMS  as 
an integral local partner and  as a key advisor  with respect to ECMS'  future 
operations in Egypt.



The procedures  for the  execution  of the  transition services  and  advisory 
services agreements  are  being undertaken  in  conjunction with  ECMS,  which 
procedures OTMT  expects to  be completed  during the  months of  October  and 
November 2012.



Investors are encouraged to carefully evaluate any investment decision in OTMT
and/or ECMS.



-END-



About Orascom Telecom Media and Technology Holding S.A.E

OTMT is a holding  company that has investments  in companies with  operations 
mainly in Egypt, North Korea, Pakistan,  Lebanon and other North African  and 
Middle-Eastern countries. The activities of  OTMT are mainly divided into  its 
GSM, Media and Technology,  and Cable businesses.  The GSM activities  include 
mobile telecommunications operations in Egypt,  North Korea and Lebanon.  The 
Media and Technology division  consists of OT Ventures/Intouch  Communications 
Service and the  OT Ventures  Internet portals  and other  ventures in  Egypt, 
including LINK Development, ARPU+ and  LINKonLINE. The Cable business  focuses 
on the management of cable networks.



OTMT is traded on the Egyptian Exchange under the symbol (OTMT.CA, OTMT EY).



Cautionary statement regarding forward-looking statements



This  announcement  contains  "forward-looking  statements."   Forward-looking 
statements are statements that are not historical facts, including  statements 
concerning the anticipated timing of events; any statements of expectation  or 
belief; and any  statements of  assumptions underlying any  of the  foregoing. 
Forward-looking  statements   involve   inherent  risks,   uncertainties   and 
assumptions, including,  without limitation,  uncertainty  as to  whether  the 
assignment of the GSA and related transactions will occur and as to the amount
of the related fees; and other risks and uncertainties that are beyond  OTMT's 
control. If such risks or uncertainties materialize or such assumptions  prove 
incorrect, actual  results could  differ materially  from those  expressed  or 
implied by such forward-looking statements and assumptions



The forward-looking statements contained in  this announcement are made as  of 
the date hereof.







For Further Information:



Investor Relations-Orascom Telecom Media and Technology Holding S.A.E

Nile City Towers - South Tower

26^th Floor - Corniche El Nile,

Ramlet Beaulac

Cairo Egypt

Email: otmtinvestorrelations@otmt.com



DISCLAIMER:



The distribution of  this press release  may be restricted  by law in  certain 
jurisdictions. Persons into whose possession this document comes are  required 
to inform themselves about and to observe any such restrictions.



This press release does not, and shall not, in any circumstances constitute  a 
public offering  of  shares, or  global  depositary shares  representing  such 
shares, in  OTMT ("OTMT  Securities"),  nor an  invitation  to the  public  in 
connection with any  offer. The  acquisition of  the OTMT  Securities may  be 
subject  to   specific   legal   or   regulatory   restrictions   in   certain 
jurisdictions. OTMT takes  no responsibility  for any violation  of any  such 
restrictions by any person.



This press release is not an offer  for sale of OTMT Securities in the  United 
States. OTMT Securities may not be  held by U.S. persons, other than  persons 
that are both (a) a ''qualified institutional buyer'' as such term is  defined 
in Rule 144A  under the U.S.  Securities Act of  1933, as amended,  and (b)  a 
"qualified purchaser" as defined in the  U.S. Investment Company Act of  1940, 
as amended.



                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


MSCFFIFWLFESEDS -0- Oct/15/2012 06:00 GMT
 
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