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Egypt court rejects lawsuit contesting Orascom Telecom split

Ahram Online, Sunday 8 Apr 2012
Views: 527
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.
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