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Orascom prepares to take control of Canadian operator
- Egypt: Tuesday, October 23 - 2012 at 01:03
Egypt's Orascom Telecom Holding is planning to take control of Canadian carrier Wind Mobile, following the introduction of key changes to the country's foreign investment rules, the Globe and Mail has reported. On Sunday, Orascom said it will ask shareholders to approve a proposal that would see subsidiary Orascom Telecom Holding Canada convert its sizable block of non-voting shares in Wind's parent company, Globalive Investment Holding Corp, into voting shares to give it majority control. "Orascom exercised a right they have always had to increase their voting shares," said Wind CEO Anthony Lacavera. Orascom currently owns 32.02% of Globalive's outstanding voting shares and 65.08% of its total outstanding shares. If the share-conversion proposal is approved, Orascom's voting stake in Globalive would rise to 65.08%, the company said.
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