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Orascom Telecom Closer to Delisting
Published May 28, 2013
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Holders of around 10% of Orascom Telecom's (OTH) stocks have agreed to sell their shares, bringing the Egyptian firm closer to being delisted, Reuters has reported, citing unnamed sources. Russia's Altimo, the biggest owner of OTH's parent Vimpelcom , made a $1.8bn offer in March to buy out OTH minorities, and the sources said Vimpelcom wanted to delist OTH from both the Cairo and London stock exchanges. OTH management last week advised shareholders to reject the offer, saying it was too low, but Altimo confirmed the offer price at $0.70 per share.
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VMD - [Virtual Marketing Department]
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