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Orascom Telecom demerger delayed

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Orascom Telecom has announced the delay in the de-merger

Orascom Telecom Holding, an Egyptian telecommunications company, has delayed its demerger into two smaller companies.

The demerger would split the functions of Orascom Telecom Holding in order to create Orascom Telecom Media and Technology Holding SAE.

Currently Orascom Telecom Holding reaches over 100 million mobile subscribers worldwide. In 2009 it posted a net income of over $700 million.

Voting shareholders overwhelmingly approved the de-merger in April 2010 with more than 96% of the votes.

The Egyptian authorities requested to review accounting documents that will serve as a basis for the de-merger.

Jahd Khalil

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