Orascom Telecom starts transferring some assets within split procedures

Orascom Telecom (ORTE) sent a release to EGX stating that it is about to transfer some of its assets through sell and buy transactions in the main and OTC markets, which represents its split plan.

It is worth noting that the firm will be split into Orascom Telecom Holding and Orascom Telecom Media and Technology Holding (OTMT).

The transactions as follow:

- Mobinil to be sold to Orascom Telecom Media and Technology Holding (OTMT).

- Smart Villages Development and Management to Orascom Telecom Ventures (OTVentures).

- Middle East and North Africa for Marine Cables to OTMT.

- OTVentures to OTMT.

- Egyptian Co. for Mobile Services to OTMT.

Moreover, the release added that ownership transfer of Egyptian Company for Mobile Services (Mobinil) (EMOB) will be executed once OTMT gains Egyptian Financial Supervisory Authority (EFSA) approval of exemption from submitting a tender offer to acquire 20 million shares, representing 20% of Mobinil.