Arab Today, arab today orascom strengthens links with vimpelcom
Last Updated : GMT 22:04:34
Arab Today, arab today
Arab Today, arab today

Orascom strengthens links with Vimpelcom

Arab Today, arab today

Arab Today, arab today Orascom strengthens links with Vimpelcom

Cairo - Arabstoday

Egypt’s Orascom Telecom Holding (OTH) and its Russian parent Vimpelcom have agreed to provide one another with technical and commercial services to improve the efficiency of their businesses, Orascom said on Sunday. Orascom also said it was changing its name to Global Telecom Holding SAE after Vimpelcom took control of the Egyptian company last year in a deal worth around $6 billion. The two companies will provide the services for two years, charging fees at accounting cost plus a mark-up of 5 per cent, with the amount payable to Vimpelcom capped at $3.5 million annually, Orascom said. It also said it planned to take control of Canada’s Globalive Investment Holding Corp. after Canada changed the law governing foreign ownership of local businesses. The law allows Orascom’s Canadian holding company to convert non-voting shares in Globalive Investment Holding into voting shares, taking its proportion of the voting shares to 65.08 per cent from 32.02 per cent, the Egyptian company said. “The changes will involve, amongst other things, the restructuring of OTH’s shareholder loans to the GIHC group and the cancellation of accrued interest of approximately 450 million Canadian dollars ($458.13 million),” Orascom said. The change requires the approval of Canadian investment authorities, which the company expects by early next year. Orascom’s founder Naguib Sawiris received a stake in Vimpelcom under the tie-up sealed in April 2011. He kept his stake in Orascom’s Egyptian mobile phone business Mobinil before selling most of it to France Telecom this year. Orascom will submit the name change, the new arrangement with Vimpelcom and the Canadian shareholding changes to its own shareholders for approval next month. Orascom is a name used by other companies controlled by the Sawiris family. Orascom Telecom will seek shareholder approval to gain control of Canada’s Globalive Investment Holding Corp., taking advantage of a change in the country’s foreign ownership laws this year. Orascom will seek to exercise an option to convert its shares with no voting rights in Globalive to common shares, which will increase those rights to 65.1 per cent from 32 per cent, it said in a filing to the Egyptian bourse. From Gulftoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today orascom strengthens links with vimpelcom Arab Today, arab today orascom strengthens links with vimpelcom

 



Arab Today, arab today
Arab Today, arab today Heart of Turkish Riviera is Alluring Seaside Escape

GMT 11:11 2017 Tuesday ,28 March

Heart of Turkish Riviera is Alluring Seaside Escape
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Hamas leader accuses Israel

GMT 11:43 2017 Tuesday ,28 March

Hamas leader accuses Israel
Arab Today, arab today Media host gives priority to problems of people

GMT 07:00 2017 Tuesday ,28 March

Media host gives priority to problems of people
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Disaster costs nearly double to $175bn

GMT 10:42 2017 Tuesday ,28 March

Disaster costs nearly double to $175bn
Arab Today, arab today Campaign fights sexual harassment in Egypt

GMT 11:14 2017 Tuesday ,28 March

Campaign fights sexual harassment in Egypt
Arab Today, arab today Trump poised to roll back climate protections

GMT 09:28 2017 Tuesday ,28 March

Trump poised to roll back climate protections
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Trump to roll back Obama clean power plan

GMT 11:10 2017 Monday ,27 March

Trump to roll back Obama clean power plan

GMT 09:58 2017 Saturday ,25 March

Nermein Al Fekki films “Foxes in the Valley”

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 13:21 2017 Tuesday ,28 March

Samsung plans to sell refurbished Galaxy Note 7s

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday