Egypt’s Orascom demerger delayed

The demerger would split the functions of Orascom Telecom Holding, moving them into another company to create “Orascom Telecom Media and Technology Holding SAE.”

Currently Orascom Telecom Holding reaches over 100 million mobile subscribers worldwide. In 2009 it posted a net income of over $700 million.

Voting shareholders overwhelmingly approved the demerger last April, with more than 96 percent of the votes.

The statement did not specify how long the delay would last, but did indicate that Egyptian authorities requested to review accounting documents that “serve as a basis for the Demerger.”