Egypt’s FSA Studies Cypriot Bid For Orascom Telecom; Chief Says

Egypt’s Financial Supervisory Authority chief Ashraf El-Sharkawy has announced that the FSA is currently studying the tender offer submitted by Baskendal, a Cypriot Company owned by Altimo, to acquire 100% of Orascom Telecom Holding (OTH) (ORTE.CA).

Dr. El-Sharkawy further said the EFSA is mainly concerned with the total disclosure of the tender offer through acceptance of rejection of the bid, adding that the offer will be accepted or turned down within the few coming days.

On March 31, EFSA stated that  Baskendal Ltd – a company founded in the State of Cyprushas 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 .