Court turns down lawsuit against OTH split

The Administrative Court rejected yesterday a legal action lodged by Ibrahim Ibrahim Mahmoud, a shareholder in Orascom Telecom Holding (OTH), against The Egyptian Financial Supervisory Authority (EFSA) for approving the telco’s break-up.

The shareholder did not submit a grievance to the bourse regulator, the court stated, justifying its rejection move.

EFSA had given a nod to dividing OTH into two companies; Orascom Telecom Holding (at EGP 0.58 par value per share) and Orascom Telecom Media and Technology Holding (OTMT) (at EGP 0.42 par value per share).