OTMT To Pay EGP 1.05 Dividends Amid Mobinil Sale, Net Profits Hit EGP 4.56 Bln

Egypt’s Orascom Telecom Media and Technology (OTMT.CA) said on Tuesday it would distribute a 1.05 Egyptian pound ($0.17) per share dividend following the sale of its main asset, Egyptian Company for Mobile Services – Mobinil (EMOB.CA).

OTMT was formed in November from assets controlled by Egyptian businessman Naguib Sawiris after he sold most of his global telecom interests to Russia’s Vimpelcom.

The company last month sold its stake in Mobinil to France Telecom, netting it about $1 billion.

According to Reuters, OTMT said it made a net profit of 4.56 billion Egyptian pounds from its establishment in November until June 7, 2012, and had retained earnings of 1.74 million pounds from before its formation.