Russian Altimo wants to buy 100 per cent of Egypt-based Orascom Telecom Holding SAE at $3.7-billion, equivalent to 70 cents per share for the firm’s 5.245 billion shares.
Orascom Telecom is owned by Vimpelcom which Altimo has 47.85 per cent stake in.
Orascom Telecom Holding S.A.E learned through a press statement from the Egyptian Financial Supervisory Authority (“EFSA”) to the Egyptian Stock Exchange about the tender offer application for the purchase of up to 5,245,690,620 shares of OTH, representing 100% of OTH’s shares submitted by Cyrus based and Altimo owned Baskindale Limited.
According to the statement, the tender offer shall be payable in Egyptian pounds on the day which is 2 business days before settlement of the tender offer for the holders of shares not represented by global depository receipts or in US Dollars for the holders of shares of OTH represented in the form of global depository receipts.
The offer application is now being reviewed by the EFSA and more information relating to it shall be made available to the public soon.
To know more about Orascom Telecom visit the company site here.