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Orascom Mulls Split

CAIRO — Orascom Telecom Holding said its shareholders would vote April 14 to double the company's capital to 14 billion Egyptian pounds ($2.4 billion) and refinance its debt, Orascom said in a Regulatory News Service statement.

Shareholders will also vote on splitting the company into two entities to facilitate a merger with VimpelCom. The new entity, Orascom Telecom Media and Technology Holding, will hold assets that will not be included in the merger.

Share trading in Egypt will be suspended for "approximately" 10 days while the demerger takes place, and a request may be made to the London Stock Exchange to suspend trading of its Global Depositary Receipts.

(Bloomberg)

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