Egypt Bourse Opens OPR Market To Withdraw Orascom Telecom Sell Orders

The Egyptian Exchange (EGX) has opened the OPR market to allow the withdrawal of sell orders placed on shares of Orascom Telecom Holding (OTH) (ORTE.CA) in the tender offer made by Altimo’s unit Baskindale.
Meanwhile, The Egyptian Financial Supervisory Authority (EFSA) announced on Sunday that it has turned down a tender offer submitted by Cypriot Baskindale for 16% of Orascom shares. OTH shareholders had offered to sell 16% as part of a tender offer submitted by Altimo’s unit for 100% of Orascom Telecom.
According to the regulator’s statement, Baskindale had stipulated that the minimum limit for its buy offer should be 26.16% of OTH shares, which was not achieved.