Egypt’s Orascom to change name
Egypt’s leading telecommunications giant Orascom Telecom Holdings has announced that it will change its name to Global Telecom Holding before the end of the year to reflect its international presence in the mobile and telecom sector.
The move to change the company’s name and rebrand was confirmed during a recent board of directors meeting . The official changing of Orascom’s name, however, must still be approved at a shareholder meeting next month.
According to the move, beyond the name change, the company is also seeking approval for changes to the company’s investment in Orascom Telecom Holding Canada, which currently owns 32.02 percent of the total outstanding voting shares and 65.08 percent of the total shares of Globalive Investment Holding Corp.
Orascom said changes in Canada’s foreign ownership laws allow it to convert non-voting shares in its Canadian subsidiary to voting shares, resulting in Orascom controlling GIHC.