Egypt achieves record primary budget surplus of EGP 629bn despite sharp fall in Suez Canal revenues    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Resumption of production at El Nasr marks strategic step towards localising automotive industry: El-Shimy    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    United Bank achieves EGP 1.51bn net profit in H1 2025, up 26.9% year-on-year    After Putin summit, Trump says peace deal is best way to end Ukraine war    Jordan condemns Israeli PM remarks on 'Greater Israel'    Egypt's Supreme Energy Council reviews power supply plans for 14 industrial projects    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egyptian pound closes high vs. USD on Tuesday – CBE    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    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    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.



Egypt's Orascom Tel to raise $2.4 bln
Published in The Egyptian Gazette on 28 - 03 - 2011

CAIRO - Egypt's Orascom Telecom (ORTE.CA: Quote) said on Monday it was seeking to raise its capital to 14 billion Egyptian pounds ($2.35 billion) from 7.5 billion pounds and that it planned to divide the company into two.
Orascom will call a general meeting on April 13 to approve the company split as well as the capital increase, which it said it would use to fund its debt, but did not give any further details.
Shareholders of Russian mobile operator Vimpelcom (VIP.N: Quote) earlier this month approved a $6 billion-plus purchase of Wind Telecom, which owns OT, creating one of the world's biggest mobile operators by number of subscribers.
OT said on Monday the Vimpelcom deal would improve its negotiating position with the Algerian government over the fate of its unit in the country.
The firm has been locked in a long-running dispute with Algeria over the unit, Djezzy, its biggest single source of revenue, and uncertainty over its future had complicated the Vimpelcom deal.
Algeria's government, which said it will nationalise Djezzy, has hit the unit with hundreds of millions of dollars in back taxes and barred it from moving profits abroad.
It also blocked Orascom from selling the unit to South Africa's MTN (MTNJ.J: Quote).
Consultants hired by Algeria to value Djezzy are scheduled to complete their work by the end of May.
Vimpelcom claimed victory in a long-running battle for Wind Telecom when the majority of shareholders voted for the deal that will see the Russian mobile phone group take on nearly $20 billion of debt and diversify into new markets. ($1=5.947 Egyptian pounds)


Clic here to read the story from its source.