By Lamia Nabil

Orascom Telecom Holding (OTH) has hired HC Securities and Investment as an independent financial advisor for the offer by Cyprus-based Baskindale to buy 100% of its shares.

Baskindale has offered to purchase 100% of OTH’s shares, a total of 5,245,690,620, at a price of $0.70 per share.

OTH’s board of directors appointed HC Securities “to prepare a report on Baskindale’s acquisition offer”, according to an OTH statement on Sunday.

The board also approved opening an investor account with the Central Depository Company of Pakistan (CDC) to deposit OTH’s shares at the Waseela Microfinance Bank Limited.

Baskindale already owns 24.84% of OTH shares indirectly, as the company is wholly owned by Altimo Holdings and Investments Limited, Vimpelcom, which indirectly owns OTH’s GDRs on the London Stock Exchange, equivalent to 2,723,481,950 shares on the EGX.

OTH will announce their financial statements for the first quarter of the financial year 2012-2013 on 15 May.