Egypt’s FSA Approves Cypriot Tender Offer To Buy Orascom Telecom
On Tuesday, Egypt’s financial regulator has approved the Cypriot tender offer to buy up to 100% of Orascom Telecom Holding (OTH) (ORTE.CA) at a price of US$0.70 per share.
Accordingly, the Cypriot Baskendal Ltd has made on Tuesday an announcement about its tender offer to buy Orascom Telecom’s shares, stating that it will start as of tomorrow, Wednesday, April 17th, buying 100% for OTH’s shares. The buying period will extend till close of trading on Monday, May 27.
Baskendal Ltd is a subsidiary wholly owned by Altimo – owner of 47.85% stake in VimpelCom Limited (the parent company of Orascom Telecom).
Baskendal indirectly owns around 25% of Orascom Telecom’s shares. The minimum rate to carry out the tender offer is 26.6% of OTH’s shares so that Baskendal’s percentage in OTH would be up to 51%.
On March 31st, the country’s financial regulator – the Egyptian Financial Supervisory Authority (EFSA) further declared that the offer is up to 5,245,690,620 shares, representing 100% of the shares of Orascom Telecom Holding price 0.70 dollars per share to be paid as follows:
(a) In Egyptian pounds, according to the exchange rate announced by the Central Bank of Egypt two working days before the date of the purchased shares settlement process for ordinary shareholders or (b) In U.S. dollar for GDRs shareholders .
The Egyptian Exchange (EGX) decided to resume trading on the shares of the company from 12 :15 p.m. (10:15 GMT) of the trading session today, 31March 2012, while suspending bids and asks on the company’s shares before the publication of this announcement.
