Altimo rules out new Orascom Telecom offer
Complex Made Simple

Altimo rules out new Orascom Telecom offer

Altimo rules out new Orascom Telecom offer

Russian firm Altimo has ruled out plans to launch a new offer to buy out minority shareholders in Egypt's Orascom Telecom (OT) after the Egyptian financial regulator (EFSA) rejected its attempt to reopen its earlier tender, Reuters has reported. Altimo, which launched an offer in April to buy out minority shareholders of Orascom, failed last week to secure sufficient acceptances from the minority shareholders in Orascom by a Monday deadline after shareholders with only 15.9% of Orascom Telecom shares listed on the Egyptian stock exchange offered to sell shares, below the minimum 26.6% required for the buy-out to go ahead. The Egyptian regulator "didn't give us the waiver to re-open the tender and permitted only withdrawals so we couldn't proceed with the offer though we were willing to," said Altimo's vice president, Evgeny Dumalkin.

    Author
    AMEinfo Staff

    AMEinfo staff members report business news and views from across the Middle East and North Africa region, and analyse global events impacting the region today.

    © 2021, ADigitalcom. All rights reserved