Egypt’s FSA Still Studying Cypriot Bid For Orascom Telecom

Egypt’s Financial Supervisory Authority (EFSA) stated that it is still studying the tender offer submitted by Baskendal, a Cypriot Company owned by Altimo, to acquire 100% of Orascom Telecom Holding (OTH) (ORTE.CA) for the latter is currently completing the documents necessary for its tender offer.

On March 31, EFSA stated that  Baskendal Ltd – a company founded in the State of Cyprus has deposited an offer to buy up to 100% of Orascom Telecom 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 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.