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Orascom Telecom shares rise on Egypt market for second straight day
Desmond Shephard Published in Bikya Masr on 24 - 01 - 2012

CAIRO: For the second consecutive day, Egypt's largest telecommunications company Orascom Telecom saw its shares on the country's stock exchange continue to rise. On Monday, the rise was largely due to investors speculating that the compnay may have been undervalued after it officially split into two, local reports suggested.
Orascom Telecom, which had been off the stock market since November until Sunday, launched its Orascom Telecom Media & Technology company after it officially split from the larger company.
The move saw stocks, back trading on Monday jump nearly 50 percent.
“The stock is still seen as undervalued and there's speculation that a lot more value will be unlocked as the Djezzy problem comes to an end,” said Ashraf Akhnoukh, senior equity sales trader at Cairo-based Commercial International Brokerage, in comments published by Bloomberg news agency.
Algeria signed an agreement with VimpleCom to buy Orascom Telecom Holdings'local unit, Djezzy.
BM
ShortURL: http://goo.gl/2MG7q
Tags: Orascom Telecom, Shares, Stock Market
Section: Business, Egypt

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