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)24615050/51 Fax+20(2)24615054/55 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
OrascomTelecom Hldgs OTLD OTH to convene its OGA and EGA
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