Orascom Telecom Media shares to trade as GDRs in London

Reuters, Monday 12 Mar 2012

Stock will be listed on the London exchange and start trading in mid-March, says the company

Egypt's Orascom Telecom Media Technology (OTMT) received approval on Monday for its global depositary receipts (GDRs) to trade on the London Stock Exchange, the company said in a statement.

It said it expected trading to start on 13 March.

OTMT was formed after Egyptian telecoms magnate Naguib Sawiris sold most of his assets to Russia's Vimpelcom in a $6 billion deal last year.

It includes telecom businesses in Egypt and North Korea and various other assets not included in the Vimpelcom deal.

OTMT said last month it had reached a preliminary accord to sell most of its stake in Egyptian telecoms operator Mobinil to fellow shareholder France Telecom.

It said it would give shareholders much of the $1 billion it stands to gain from the Mobinil deal and keep part of it for new business opportunities.

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