CAIRO: A five-for-one split of Orascom Telecom (OT) shares will take effect on Thursday, the company said in a statement on Tuesday.

The split does not apply to Orascom Telecom global depositary receipts, which after the split will become equivalent to five OT shares instead of one, it added.

The market has largely discounted the effect of the split, brokers said. OT shares closed on Tuesday at LE 396 ($69.53), up 1.5 percent on the day, slightly outperforming the overall market.