The CEO of Egypt-based telecoms holding Orascom Telecom Media and Technology (OTMT), Karim Beshara, resigned from his position yesterday to pursue “new private business opportunities”, he said.
To replace him, the board has appointed Ahmed Abou…
The CEO of Egypt-based telecoms holding Orascom Telecom Media and Technology (OTMT), Karim Beshara, resigned from his position yesterday to pursue “new private business opportunities”, he said.
To replace him, the board has appointed Ahmed Abou Doma, who started in the new role today.
Egyptian billionaire and OTMT chairman Naguib Sawiris said: “I would like to thank Karim for his hard work, which paved the way for OTMT and served as a solid foundation for this company to take off on the road of success. I would also like to welcome Ahmed Abou Doma on board of OTMT. I have great confidence in his abilities and his vision which he will surely use to build a success story for OTMT.”
OTMT was separated from Orascom Telecom Holding (OTH), now known as Global Telecom Holding (GTH), in early 2012.
OTMT holds various investments in media, technology and telecoms companies which were previously controlled by OTH, mainly in Egypt, North Korea, Pakistan and Lebanon.
Yesterday, the holding said in a stock exchange filing that it had not taken any decisions regarding its put option to sell its 5% stake in Egyptian mobile operator Mobinil to MT Telecom SCRL, a wholly-owned subsidiary of Orange.
The announcement followed local reports which quoted Sawiris as saying he planned to sell the Mobinil stake.
In May 2012, Orange, then known as France Telecom, completed a tender offer to buy a 94% stake in the Egyptian mobile operator via its MT Telecom subsidiary.
OTMT, which directly and indirectly controlled 34.67% of Mobinil before the €1.5bn transaction, retained a 5% stake in the company. Orange previously held 36.33% of the operator while 29% was in free float.
