OTMT pays LE1.05 div after Mobinil sale
Reuters, Tuesday 12 Jun 2012
Orascom Telecom Media and Technology will distribute $0.17 per share after it sold its stake the mobile operator for $1 billion last month


Egypt's Orascom Telecom Media and Technology (OTMT) said on Tuesday it would distribute LE1.05 ($0.17) per share dividend following the sale of its main asset, Egyptian mobile company Mobinil .

OTMT was formed in November from assets controlled by Egyptian businessman Naguib Sawiris after he sold most of his global telecom interests to Russia's Vimpelcom.

The company last month sold its stake in Mobinil to France Telecom, netting it about $1 billion.

OTMT said it made a net profit of 4.56 billion Egyptian pounds from its establishment in November until June 7, 2012, and had retained earnings of LE1.74 million from before its formation.

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