Egypt’s Orascom Telecom to Resume Trading After Share Split

Orascom Telecom Holding SAE, North Africa’s biggest mobile phone company by users, will resume trading after splitting into two companies the day after it files required disclosure documents, the Egyptian bourse said today.

Orascom Telecom, whose shares closed at 2.98 Egyptian pounds, has been split in two: Orascom Telecom Holding SAE and Orascom Telecom Media and Technology Holding SAE. The first will start trading at 1.73 pounds per share and the latter at 1.25 pounds, according to an e-mailed statement from the Egyptian bourse today.

The bourse’s limits on share price movements will be suspended for the first day of trading on both companies, according to the statement.