OTH Ann. That FT Has Not Respected Deadline
16 April 2009 - 4:00PM
UK Regulatory
TIDMOTLD TIDM0HB7
RNS Number : 6454Q
Orascom Telecom Holdings S.A.E
15 April 2009
Orascom Telecom Announces That France Telecom Has Not Respected Deadline to Pay
for MobiNil Shares
Cairo, April 15th, 2009:Orascom Telecom Holding ("OTH") announces that France
Telecom (or subsidiaries thereof) ("FT") has failed to pay the purchase price as
required by the terms of the arbitral award issued by the International Court of
Arbitration of the International Chamber of Commerce (the "Award") and has
failed to comply with its obligations under Egyptian law to make a public tender
offer on the same terms as the Award. OTH has provided FT with documentary
evidence from its banks, which confirms that the shares can be transferred free
of pledge.
The payment of the purchase price under the Award was due by April 9th, 2009;
however as sign of good faith, OTH had granted FT an extension until April 15th,
2009 to transfer the purchase price and extend a public offer to the Egyptian
Company for Mobile Services' "ECMS" shareholders in accordance with the Capital
Market Authority "CMA" ruling issued on April 7th, 2009.
As requested by the CMA, OTH will refrain for the time being from issuing any
further press announcements on this subject.
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About Orascom Telecom
Orascom Telecom is a leading international telecommunications company operating
GSM networks in high growth markets in the Middle East, Africa and Asia, having
a total population under license of approximately 498 million with an average
mobile telephony penetration of approximately 46% as of December 31st, 2008.
Orascom Telecom operates GSM networks in Algeria ("OTA"), Pakistan ("Mobilink"),
Egypt ("Mobinil"), Tunisia ("Tunisiana"), Bangladesh ("banglalink"), and North
Korea ("Koryolink"). OTH has an indirect equity ownership in Globalive Wireless
which has been granted a spectrum license in Canada. Through its subsidiary
Telecel Globe, OTH also operates in Burundi, the Central African Republic,
Namibia and Zimbabwe. Orascom Telecom had 78 million subscribers as of December
31st, 2008.
Orascom Telecom is traded on the Cairo & Alexandria Stock Exchange under the
symbol (ORTE.CA, ORAT EY), and on the London Stock Exchange its GDR is traded
under the symbol (ORTEq.L, OTLD LI). For more information visit
www.orascomtelecom.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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