Egypt’s financial regulator announced on Sunday that Baskendal Ltd – a company founded in the State of Cyprushas deposited an offer to buy up to 100% of Orascom Telecom Holding (OTH) (ORTE.CA) at a price of $0.70 per share.
Baskendal Ltd is a subsidiary wholly owned by Altimo – owner of 47.85% stake in VimpelCom Limited (the parent company of Orascom Telecom).
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.