CAIRO: North Africa's largest telecommunications company, Egypt's Orascom Telecom said their new subsidiary Orascom Telecom Media and Technology Holding (OTMT) will launch on Sunday's stock exchange. The announcement has investors and traders excited at the new company and the possibilities for growth. “We are looking forward to seeing what kind of jump it will give the overall investment and trading climate on Sunday,” a trader told Bikyamasr.com on Thursday evening. The goal for Orascom with the new company is to split certain aspects of its investments and to enable the company to push into Egypt's media sector. “Following receipt of approvals from the Egyptian Financial Supervisory Authority and the Egyptian Stock Exchange, or EGX, the current suspension of trading … shall be lifted on Sunday, Jan. 22,” Orascom Telecom said in a statement posted on the London Stock Exchange. Orascom Telecom's board in April approved a move to nearly double the company's capital to 14 billion Egyptian pounds ($2.4 billion), from 7.5 billion Egyptian pounds, and to split the company. In March, Russian mobile operator VimpelCom said its shareholders voted to clear its $6 billion deal to acquire the telecom assets of Egyptian billionaire Naguib Sawiris. The deal with Sawiris's Wind Telecom secures a more-than-50 percent stake in Orascom Telecom, the Arab world's biggest mobile-telephone operator by subscribers, and Italy's Wind Telecom. Trading in OT shares has been suspended since November 24 pending the completion of its demerger. The company had missed several previous deadlines for the split because of various reasons, including pending regulatory approvals. BM ShortURL: http://goo.gl/LZeDO Tags: Media Tech Company, Orascom, Stock Exchange Section: Business, Egypt, Latest News, Tech
