Egypt's gold reserves surges to $16.55b in October – CBE    Egypt's MSMEDA helps 18,000 SMEs win EGP 1.25b in state contracts    Giant CMA CGM ship transits Suez Canal, signaling return of megavessels    Suez Canal sees largest container ship in two years as traffic returns    Egypt's government complaints system received 193,000 requests in October    Egypt launches world's largest palm farm in Toshka, Al-Owainat with 2.3 million trees    Egypt's Foreign Minister discusses Gaza, Sudan with Russian counterpart    Russia's Putin appoints new deputy defence minister in security shake-up    Iraq's PM says holding elections on schedule is a 'major event' for the state    UNESCO General Conference elects Egypt's El-Enany, first Arab to lead body    Egypt repatriates 36 smuggled ancient artefacts from the US    Grand Egyptian Museum attracts 18k visitors on first public opening day    Egypt to adopt World Bank Human Capital Report as roadmap for government policy    'Royalty on the Nile': Grand Ball of Monte-Carlo comes to Cairo    Egypt launches new cancer pharmaceuticals sector to boost drug industry localization    Egypt, Albania discuss expanding healthcare cooperation    25 injured after minibus overturns on Cairo–Sokhna road    VS-FILM Festival for Very Short Films Ignites El Sokhna    Egypt's cultural palaces authority launches nationwide arts and culture events    Egypt launches Red Sea Open to boost tourism, international profile    Qatar to activate Egypt investment package with Matrouh deal in days: Cabinet    Hungary, Egypt strengthen ties as Orbán anticipates Sisi's 2026 visit    Egypt's PM pledges support for Lebanon, condemns Israeli strikes in the south    Omar Hisham Talaat: Media partnership with 'On Sports' key to promoting Egyptian golf tourism    Egypt, Medipha sign MoU to expand pharmaceutical compounding, therapeutic nutrition    Egypt establishes high-level committee, insurance fund to address medical errors    Sisi expands national support fund to include diplomats who died on duty    Madinaty Golf Club to host 104th Egyptian Open    Egypt's PM reviews efforts to remove Nile River encroachments    Al-Sisi: Cairo to host Gaza reconstruction conference in November    Egypt will never relinquish historical Nile water rights, PM says    Al-Sisi, Burhan discuss efforts to end Sudan war, address Nile Dam dispute in Cairo talks    Syria releases preliminary results of first post-Assad parliament vote    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    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.



Cypriot Firm Offers To Buy 100% Of Orascom Telecom At US$0.70 Per Share
Islam Salah Published in Amwal Al Ghad on 31 - 03 - 2013

Egypt's financial regulator announced on Sunday that Baskendal Ltd - a company founded in the State of Cyprushas deposited an offer to buy up to 100% of Orascom Telecom Holding (OTH) (ORTE.CA) at a price of $0.70 per share.
Baskendal Ltd is a subsidiary wholly owned by Altimo - owner of 47.85% stake in VimpelCom Limited (the parent company of Orascom Telecom).
The Egyptian Financial Supervisory Authority (EFSA) further declared that the offer is up to 5,245,690,620 shares, representing 100% of the shares of Orascom Telecom Holding price 0.70 dollars per share to be paid as follows :
(a) In Egyptian pounds, according to the exchange rate announced by the Central Bank of Egypt two working days before the date of the purchased shares settlement process for ordinary shareholders or (b) In U.S. dollar for GDRs shareholders .
The Egyptian Exchange (EGX) decided to resume trading on the shares of the company from 12 :15 p.m. (10:15 GMT) of the trading session today, 31March 2012, while suspending bids and asks on the company's shares before the publication of this announcement.

Clic here to read the story from its source.