TMG climbs to 4th in Forbes' Top 50 Public Companies in Egypt' list on surging sales, assets    UN conference expresses concern over ME escalation    Egypt, Japan's JICA plan school expansion – Cabinet    Egypt's EDA, AstraZeneca discuss local manufacturing    Egypt's PM forms crisis committee to monitor Iran-Israel fallout    Israel intensifies strikes on Tehran as Iran vows retaliation, global leaders call for de-escalation    Egypt issues nearly 20 million digital treatment approvals as health insurance digitalisation accelerates    Pakistan FM warns against fake news, details Iran-Israel de-escalation role    Russia seeks mediator role in Mideast, balancing Iran and Israel ties    LTRA, Rehla Rides forge public–private partnership for smart transport    Electricity Minister discusses enhanced energy cooperation with EIB, EU delegations    Egyptian pound rebounds at June 16 close – CBE    China's fixed asset investment surges in Jan–May    Egypt secures €21m EU grant for low-carbon transition    EHA, Konecta explore strategic partnership in digital transformation, smart healthcare    Sisi launches new support initiative for families of war, terrorism victims    Egypt nuclear authority: No radiation rise amid regional unrest    Grand Egyptian Museum opening delayed to Q4    Egypt delays Grand Museum opening to Q4 amid regional tensions    Egypt slams Israeli strike on Iran, warns of regional chaos    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's EDA joins high-level Africa-Europe medicines regulatory talks    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Egypt, Serbia explore cultural cooperation in heritage, tourism    Egypt discovers three New Kingdom tombs in Luxor's Dra' Abu El-Naga    Egypt launches "Memory of the City" app to document urban history    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Altimo subsidiary offers to buy Egypt's Orascom Telecom
Russian telecom giant Altimo offers to buy 100 percent of Egypt's Orascom Telecom at a price of $0.70 per share
Reuters Published in Ahram Online on 01 - 04 - 2013

Egypt's stock exchange said on Sunday a subsidiary of Russian billionaire Mikhail Fridman's Altimo had offered to buy 100 percent of Egypt's Orascom Telecom.
The $3.7 billion offer from a Cyprus-based firm owned by Altimo is at a price of $0.70 per share for all of Orascom Telecom's 5.245 billion shares, the statement said.
"The authority is currently studying the announced offer," the Egyptian Financial Supervisory Authority said in a statement.
Orascom Telecom is the third large firm that is taking steps to leave the Egyptian market this year. In February, Egypt's regulator approved an offer by Qatar National Bank (QNB) QNBK.QA to acquire Cairo's National Societe General Bank (NSGB).
Orascom Construction Industries (OCI) is also finalising a deal with its Dutch-listed parent company OCI NV that may lead it to leave the Egyptian stock exchange.
"It will affect the index market capital which is already impacted by NSGB exiting and OCI, which might happen anytime now, so we are talking about more than 25 percent of the weight of the index," said Ahmed Adel, telecom analyst at Naeem Brokerage.
"The biggest players in the Egyptian market are OCI and Orascom Telecom and NSGB, and the idea is given the market conditions and the political situation ... you cannot expect a high flow of new listings in the index right now," he added.

Clic here to read the story from its source.