OTMT Tops EGX Volume Of Trades In Week, TMG Ninth
Amid last week trading, Orascom Telecom Media & Technology Holding (OTMT.CA) has maintained to become on the top ten active firms listed in the Egyptian Exchange (EGX).
OTMT’s volume of trades hit 131.6 million securities worth EGP 78.5 million.
Orascom Telecom Media & Technology Holding:
On Monday, Karim Beshara, the CEO of OTMT said the Group is not involved in the OTMT Founder Naguib Sawiris’ takeover offer to purchase a stake in Telecom Italia SpA (TIT).
Beshara further told Amwal Al Ghad that Sawiris did not offer the purchase deal to Telecom Italia in his capacity as Founder of OTMT, so OTMT has nothing to do with such a deal.
Egyptian billionaire Naguib Sawiris offered as much as 5 billion euros ($6.4 billion) to purchase a stake in Telecom Italia SpA.
The offer is for a minority stake in Italy’s former phone monopoly, said the person, who declined to be identified because the talks are private. Sawiris “declined to comment about rumors circulating in the media,” Orascom Telecom Media & Technology Holding SAE spokeswoman Manal Abdel-Hamid said.
On Tuesday, OTMT has confirmed its interest in selling the Company’s submarine network Med Cable Ltd (Med Cable) in Algeria. OTMT added in a filling that its Board of Directors decided to mandate the company’s Founder Naguib Sawiris alongside the CEO Karim Beshara in order to spearhead the talks on selling Med Cable.
It is worth noting that Karim Beshara had made an exclusive statement to Amwal Al Ghad on November 7th stating that OTMT is planning to sell Med Cable in Algeria amid more than one year of suspension. He also said OTMT is currently seeking to market Med Cable noting that there are a number of offers to purchase and invest in the cable are under study.
Beshara further told Amwal Al Ghad that suspending operations in Med Cable was due to disputes between OTMT and Algerian government.
The Algerian government had announced immediately after suspending the operations in Med Cable that OTMT is using the cable for leaking the customers’ information. The CEO of OTMT added that the company cannot reap the benefits from the cable since halting its operations in Algeria. He said the continuous replacement, renewal and maintenance of the Med Cable lower its market value.
Palm Hills:
Palm Hills Development (PHDC.CA) has come second as its volume of trades amounted to 39.2 million securities worth EPG 102.6 million.
Orascom Telecom:
Orascom Telecom Holding (OTH) (ORTE.CA) has shown to be the third as its volume of trades hit 17.2 million securities worth EGP 63.3 million.
On Sunday, Orascom Telecom, controlled by Russia’s VimpelCom, said it had awarded a deal to upgrade its Mobilink mobile phone network in Pakistan, Reuters reported.
It signed a five-year agreement with China’s Huawei Technologies Co Ltd and France’s Alcatel-Lucent to design, purchase, deploy and maintain the next-generation mobile network equipment and supporting services, OT said in a statement.
OT said Mobilink expected the improved capabilities to allow the firm to boost network efficiency and reduce operating costs. The upgrade would enable the firm to offer 3G services once such licenses are issued in Pakistan, it said.
On Monday, shareholders of Orascom Telecom Holding had endorsed – during their ordinary general meeting – the service agreement inked with VimpelCom Ltd. (VIP). They also dropped the unpaid returns from the loan owed by Globalive Wireless Management.
Also on Monday, OTH’s extraordinary general meeting (EGM) approved rebranding the company to Global Telecom Holding, and amending article No. 2 of Articles of Incorporation accordingly.
Orascom reported third-quarter net profit attributable to equity holders of $106 million, reversing a net loss of $1.5 million for the same period a year earlier, the firm said in a statement on Wednesday.
Orascom, which is controlled by Russia’s VimpelCom, said profits were mainly driven by foreign exchange gains.
Revenues for the quarter stood at $885 million, the firm said, while earnings before interest, tax, depreciation and amortization (EBITDA) stood at $425 million. Total subscribers exceeded 85 million, up 14 percent from a year earlier.
Upper Egypt General Contracting:
Fourthly, Upper Egypt General Contracting (UEGC.CA) has had a volume of trades hit 14.1 million securities worth EGP 19.1 million.
Amer Group:
Fifthly, Amer Group Holding (AMER.CA) has had a volume of trades reached 12.2 million securities worth EGP 8.2 million.
Citadel Capital:
Sixthly, Citadel Capital (CCAP.CA) has reported a volume of trades hit 11.6 million securities worth EGP 44.8 million.
AIND:
Arab Investment and Development (formerly AIC Contracting) (AIND.CA) has come seventh having a volume of trades reached 10.2 million securities worth EGP 5.3 million.
Pioneers Holding:
Pioneers Holding (PIOH.CA) has ranked eighth as its volume of trades amounted to 9.7 million securities worth EGP 46.6 million.
Talaat Moustafa:
Ninthly, Talaat Moustafa Group –TMG (TMGH.CA) has recorded a volume of trades hit 8.8 million securities worth EGP 41.5 million.
Arab Cotton Ginning:
At the bottom of the list, Arab Cotton Ginning (ACGC) has come tenth recording a volume of trades reached 8.4 million securities worth EGP 33.2 million.
