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Sawiris Hopes for Board Seat

SHARM EL-SHEIKH, Egypt — Egyptian tycoon Naguib Sawiris said Tuesday that he believes he will eventually get seats on VimpelCom’s board if the company’s proposed $6 billion-plus purchase of his Cairo-based Orascom Telecom and Italian Wind goes ahead.

Sawiris gave up the right to seats on VimpelCom’s board to help secure the deal, but he said, “We believe that the company in the long term will have to have real representation.”

Asked what he and his holding company Wind Telecom would do to prevent Telenor from blocking the deal, Sawiris said: “I will do nothing. I will only contact them to understand their point of view and also contact Alfa to see their point of view.” 

(Reuters)


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