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OrascomTelecom Hldgs OTLD OTH to convene its OGA and EGA



  OrascomTelecom Hldgs (OTLD) - OTH to convene its OGA and EGA

RNS Number : 1578P
Orascom Telecom Holdings S.A.E
21 October 2012
 



 

 

     Orascom Telecom Holding to convene its Ordinary General Assembly and
                        Extraordinary General Assembly

Cairo, October  21,  2012:  Orascom Telecom  Holding  S.A.E.  (the  "Company") 
announces that a  Board of Directors  meeting was held  on Friday, 19  October 
2012 and resolved to present the following items to the Company's shareholders
for approval  at  an  Ordinary  General  Assembly  and  Extraordinary  General 
Assembly, which is expected to convene during November 2012:

 

1-    To change the  Company's name from "Orascom  Telecom Holding S.A.E."  to 
"Global Telecom Holding S.A.E.".  As a part of  the VimpelCom acquisition  and 
demerger, the Company  and its subsidiaries  are required to  cease using  the 
Orascom name, designs and logos before the end of 2012.

 

2-    To  approve  changes to  the  Company's investment  in  Orascom  Telecom 
Holding Canada Limited, which currently  owns 32.02% of the total  outstanding 
voting shares  and  65.08%  of  the  total  outstanding  shares  of  Globalive 
Investment Holding  Corp. ("GIHC"),  the  parent company  of WIND  Canada  and 
Globalive Canada. With the change in Canada's foreign ownership laws announced
in mid-2012,  Orascom  Telecom Holding  Canada  is permitted  to  convert  its 
non-voting shares into voting shares, and thus take a voting participation  in 
GIHC of 65.08%.  The conversion  will result in  OTH taking  control of  GIHC; 
therefore an approval  from the Canadian  investment authorities is  required. 
Management expects such approval to be obtained by the close of 2012 or  early 
2013. The changes will  involve, amongst  other things,  the restructuring  of 
OTH's shareholder loans  to the  GIHC group  and the  cancellation of  accrued 
interest of approximately CAD 450 million.

 

3-    To approve a proposed mutual  service agreement between the Company  and 
VimpelCom  Ltd,  with  the  purpose  of  creating  synergies  and  operational 
efficiencies among the Group entities and managing costs. The services will be
provided both ways between the parties and will include advice and  assistance 
in respect of a  wide variety of technical,  commercial and business  matters. 
The mutual  service agreement  continues for  two years  with fees  of  actual 
accounting cost of providing the services plus a markup of 5%. Fees payable by
the Company to Vimpelcom Ltd. are capped  at a maximum of USD 3.5 million  per 
annum.

 

-END-

 

About Orascom Telecom:

 

Orascom  Telecom  is  a   leading  international  telecommunications   company 
operating GSM networks in high growth  markets in the Middle East, Africa  and 
Asia, having a  total population  under license of  approximately 415  million 
with an average mobile telephony penetration  of approximately 51% as of  June 
30^th, 2012.  Orascom  Telecom  operates  GSM  networks  in  Algeria  ("OTA"), 
Pakistan ("Mobilink") and Bangladesh ("banglalink") and has an indirect equity
shareholding in Globalive Wireless Canada ("Wind Mobile"). In addition it  has 
an indirect equity ownership  in Telecel Zimbabwe  (Zimbabwe) and through  its 
subsidiary Telecel Globe, OTH also operates in Burundi and the Central African
Republic. Orascom  Telecom reached  over  83 million  subscribers as  of  June 
30^th, 2012.

 

Orascom Telecom is traded on the Egyptian Exchange under the symbol  (ORTE.CA, 
ORAT EY), and  on the London  Stock Exchange,  its GDRs are  traded under  the 
symbol (ORTEq.L, OTLD LI).

 

Investor Relations Contacts:

 

OTInvestorrelations@otelecom.com

Tel+20(2)2461 5050/51 

Fax +20(2)2461 5054/55
www.orascomtelecom.com

 

                     This information is provided by RNS
           The company news service from the London Stock Exchange
 
END
 
 
MSCMBBPTMBATMPT -0- Oct/22/2012 06:00 GMT
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