Global Telecom Holds EGM over Sale of 51% in Algerian Unit Aug 26

Big 5

Global Telecom Holding – GTH (Previously Orascom Telecom Holding S.A.E.) will hold an extraordinary general meeting August 26th, to discuss the sale of a 51% interest in Orascom Telecom Algérie SpA (OTA) to the Algerian National Investment Fund.

The purpose of the meeting is to present for approval the sale by GTH of a 51% interest in OTA to the Fonds National d’Investissement (the “FNI”), the Algerian National Investment Fund, for a purchase consideration of US$2.643 billion, along with related transactions, as described generally in this Notice.

Last April 18, GTH, the FNI and VimpelCom Ltd. entered into a Share Purchase Agreement (the “Share Purchase Agreement”), to provide for the sale to the FNI of a 51% interest in OTA.