Last Update 23:0
Tuesday, 22 October 2019

Egypt court rejects lawsuit contesting Orascom Telecom split

Ahram Online, Sunday 8 Apr 2012
Share/Bookmark
Views: 527
Share/Bookmark
Views: 527

Egypt's administrative court has thrown out a lawsuit protesting the split of Orascom Telecom into two separate companies.

The Egyptian telecommunications giant was split earlier in 2012 following its partial sale to Russia's Vimpelcom the previous year. The spun-off assets now form Orascom Telecom Holding (OTH), mainly comprised of overseas interests and owned by Vimpelcom, and Orascom Telecom Media and Technology (OTMT).
 
The lawsuit against the split, brought by shareholder Ibrahim Ibrahim Mahmoud, was rejected by the investment department of Egypt's administrative court on Saturday.
 
Both Orascom firms took serious hits as Egypt's stock exchange reopened on Sunday, with OTH stocks tumbling 5.9 per cent and OTMT slipping 1.4 per cent.
Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
Latest

© 2010 Ahram Online.