Orascom Telecom Media and Technology (OTMT), controlled by Egyptian businessman Naguib Sawiris, has received approval to trade its global depositary shares (GDSs) on the London Stock Exchange.
Trading is expected to start on 13 March. BNY Mellon is…
Orascom Telecom Media and Technology (OTMT), controlled by Egyptian businessman Naguib Sawiris, has received approval to trade its global depositary shares (GDSs) on the London Stock Exchange.
Trading is expected to start on 13 March. BNY Mellon is acting as the depositary bank for the GDS programme.
OTMT was demerged from Egyptian telco Orascom Telecom Holding (OTH) at the end of last year. Shortly after, it started trading on the Egyptian Exchange.
Meanwhile, OTMT’s shareholders recently approved the sale of mobile operator Mobinil to France Telecom. OTMT expects to receive proceeds worth E£6bn (US$995m) from the sale of its 35% stake.
