Egypt-listed Sawiris's OTMT down after losing full control of North Korean subsidiary

Ahram Online , Sunday 22 Nov 2015

File Photo: Sawiris's (Photo: Al-Ahram)

Egypt's bourse-listed Orascom Telecom Media and Technology (OTMT) plunged 2.94 percent in Sunday's trading to be sold at LE0.67 per share after the company said that sanctions on North Korea affect its ability to control its 75-percent-owned subsidiary there.

Owned by Egyptian business tycoon Naguib Sawiris, OTMT said earlier in the day in a statement to the Egyptian bourse that Koryolink has become a "sister instead of subsidiary" to the parent company after its ability to transfer currency or distribute profits was affected.

OTMT, which operates in Egypt, North Korea, Lebanon, Pakistan, and other North African and Middle Eastern countries, has reported a net loss of LE3 billion ($383.14 million) in the nine months ending September compared with a net profit of LE603 million a year earlier.

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