Egypt-based telco Orascom has stated plans for a capital increase and a company split, reports Reuters. This comes just a few weeks after its parent group Wind saw a US$6bn merger with Vimpelcom approved at a shareholders meeting.
Orascom is reportedly…
Egypt-based telco Orascom has stated plans for a capital increase and a company split, reports Reuters. This comes just a few weeks after its parent group Wind saw a US$6bn merger with Vimpelcom approved at a shareholders meeting.
Orascom is reportedly hoping to raise its capital from E£7.5bn to E£14bn, which would support its ability to fund debt.
A general meeting will be called for April 13 to approve both measures.
Separately, Orascom was quoted telling the newswire that merging with Vimpelcom would boost its efforts to negotiate with the Algerian government over its local unit, Djezzy, which has been accused of missing tax payments and is threatened with nationalisation.
Spokespeople for the company were unable to comment by press time.
