Orascom chairman sees spinoff by year end

The chairman of Egypt's Orascom Telecom Holding said Thursday he expects the breakup of the company into two separate entities to take place by the end of the year.

"This is our expectation by year end," Khaled Bichara told Zawya Dow Jones via telephone."It is pending the general assembly approval on Oct.23."

Last month, an Egyptian Administrative Court postponed until Dec. 17 a ruling on a lawsuit launched against the Egyptian Financial Supervisory Authority, or EFSA, by a number of shareholders in Orascom Telecom who are trying to prevent the telco from being carved up.

OT shares last traded 1.6% higher at EGP3.22.