Egypt’s Regulator Turns Down Cypriot Bid For 16% Of Orascom Telecom Shares

Egypt’s financial regulator announced on Sunday its rejection of a tender offer submitted by Cyprus-based Baskindale for 16% Orascom Telecom Holding S.A.E. (ORTE.CA)’s shares.

The Egyptian Financial Supervisory Authority (EFSA) said it has turned down a tender offer submitted by Cypriot Baskindale for 16% of Orascom Telecom Holding (OTH) 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.

Cyprus based Baskindale is a subsidiary of Russian Holdings & Investments Ltd., VimpelCom’s biggest shareholder.