Orascom Telecom Approves Measures to Complete VimpelCom Merger
Shareholders of Orascom Telecom Holding SAE (ORTE), North Africa’s biggest mobile-network operator, approved all measures recommended by the company’s board to complete a merger with Russia’s VimpelCom Ltd. (VIP)
The shareholders voted to restructure the company’s debt, raise its capital to 14 billion Egyptian pounds ($2.4 billion) from 7.5 billion pounds and set up a new company to hold the assets to be merged with VimpelCom, Manal Abdel Hamid, spokeswoman for Orascom said in a telephone interview.
VimpelCom’s investors voted in March to issue new stock to be bought by Orascom’s parent company, Wind Telecom SpA, to complete a $6.5 billion transaction that would create the world’s sixth-biggest mobile network operator, over the objection of VimpelCom’s largest shareholder, Telenor ASA. (TEL)
Orascom’s shares gained 0.9 percent to 4.44 pounds at the 2:30 p.m. close in Cairo, valuing the company at 23.3 billion pounds.
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