Orascom completes demerger, returns to bourse

Orascom Telecom completed its demerger Tuesday and returned to the Egyptian Stock Exchange (EGX) after having its trading on the bourse suspended since Nov. 24.

According to EGX listed companies, the demerger has split Orascom Telecom (OT) into two companies, Orascom Telecom Media and Technology Holding, which will be listed as OTMT.CA, and Orascom Telecom Holding (OTH) which will be listed as ORTE.CA.

“The listing committee has approved to list the shares resulting from restructuring process for Orascom Telecom Holding (OT) and Orascom Telecom Media and Technology Holding,” EGX said on its official website.

OT’s closing price as of Nov. 24 was LE 1.73 per share.

“OT issued capital pursuant to the restructuring process will be LE 3,042,500,559.60 distributed over 5,245,690,620 fully paid at a par value of LE 0.58 per share, represented in 7 issues,” according to the stock exchange.

“The company's issued paid-up capital is LE 2,203,190,060.40, represented in one issue, distributed over 5,245,690,620 shares at par value of LE 0.42 per share,” EGX added.

OT said it had been planning for the demerger for six months. The move was part of an internal restructuring process.

Shares of the demerged company will be available for trading after the EGX publishes a “disclosure report” while also “determining its new opening price as well as the trading market by EGX trading committee,” the bourse stated.

The company, which is also listed on the London Stock Exchange, also closed its trading in London at the end of November.