Latest in Tag: Orascom Highlight
Latest in Tag: Orascom
Swiss-Listed Orascom warns on profit amid Egyptian instability
Specific factors hitting Orascom include lower capitalisation of financing costs, the devalued Egyptian currency, but also impairments on investments and a review of its taxation
US data centre firm in venture with Egyptian telecoms tycoon
Reuters – US-based data centre firm Switch SUPERNAP has set up a joint venture with specialist investment companies in Egyptian tycoon Naguib Sawiris’ telecoms empire to win business in Europe, Asia and the Americas. The joint venture with Accelero Capital and Orascom TMT Investments will build and operate data centres for clients such as cloud …
Orascom acquitted of Egyptian tax evasion claims
Reuters – Orascom Construction has been cleared by an Egyptian public prosecutor of all tax evasion claims related to the sale of a building seven years ago to French peer Lafarge in Egypt, Orascom’s Dutch parent OCI said on Tuesday. Orascom, a subsidiary of chemicals and engineering company OCI, asked the prosecutor to clear the company’s name following …
Sawiris to buy into German travel group FTI
Sawiris, a member of Egypt’s richest family, runs Orascom Development Holding, operating tourist resorts and real estate projects in Egypt and Europe.
Orascom Construction awarded $300m contracts in Egypt and KSA
OC expected to collaborate on new projects with Emaar Misr and Palm Hills Development
Sawiris interested in Telecom Italia: Bloomberg
The report said that Sawiris, who runs Orascom Telecom Media and Technology, stressed that he was not considering an unsolicited bid for TIM and that he had not held talks with either Telecom Italia or Telefonica.
Orascom Construction suspends tax payment to Egypt
Reuters – Orascom Construction Industries has suspended payment of a 31 December instalment of an EGP 7.1bn ($1.02bn) tax settlement with Egypt’s government, its Amsterdam-listed parent company OCI NV said on Wednesday. The settlement was agreed last April, when Islamist President Mohamed Morsi was still in office, and related to claims the company had failed …
Tourist arrivals drop 69.7% in September: CAPMAS
There has been a major decline in the number of European tourists in Egypt
Orascom losses hit CHF 75.5m, blaming deteriorating tourism
Political toll on economy has made for two challenging years for Orascom Development Holding
Orascom’s stock market pullout started Wednesday
Other companies that will be delisted from EGX30 are Raya, Egyptian for Tourism Resorts (EGTS), Citadel Capital (CCAP), Alshams Company (ELSH) and the National Real Estate Bank for Development (NRPD).
Delisting of six stocks from EGX30 will not affect market: Bourse head
Atef El-Sherif said delisting is a normal measure that occurs every six months
Egypt’s benchmark index closes with a gain against odds
Surge in shares of Orascom construction after regulatory approval given to its Dutch parent company to buyout Egypt’s biggest publicly traded firm
Orascom Telecom’s shares drop after Altimo withdraws bid
Orascom Telecom shares dropped 2.6% to 4.58 EGP at close on Monday
Sawiris returns to Egypt
Greeted by presidential envoy
OCI reaches final settlement with Egyptian Tax Authority, will pay EGP 7.1bn
Onsi and Nasef Sawirs removed from travel ban list
OCI NV to comply with EFSA request
OCI will host another extraordinary general meeting to discuss additional disclosures related to the transaction
EGX lost EGP 5.5bn last week
Stockbrokers attribute the drop to Orascom’s recent refusal to go public
‘Global Telecom Holding’ brand awaits the approval of OTH’s shareholders
The board members proposed the company rebrand itself as ‘Global Telecom Holding,’ as a part of the Vimpelcom acquisition and demerger deal, Orascom announced Sunday.
Stock market exceeds analysts Ramadan expectations.
EGX stable at the end of Ramadan’s first session.
Egypt index edges higher, Gulf markets down
By Reuters CAIRO: Egypt’s main index closed virtually unchanged, trading in thin volumes as traders waited for details of a regulatory decision on France Telecom’s bid to buy out most of Orascom Telecom Media and Technology’s (OTMT) stake in Mobinil. The index edged 0.8 percent higher to 4,708 points. The bourse suspended trading in Mobinil …
Egypt’s bourse suspends trading in Mobinil and OTMT
By Reuters CAIRO: Egypt’s stock exchange has suspended trading in mobile operator Mobinil and Orascom Telecom Media and Technology (OTMT) on the request of the country’s regulator, the exchange said on Thursday without providing further details. The regulator is weighing up whether to approve France Telecom’s plan to purchase most of OTMT’s stake in Mobinil …
Algeria’s frosty business climate may thaw
By Christian Lowe and Lamine Chikhi / Reuters ALGIERS: After a three-year campaign against one of its biggest foreign investors chilled Algeria’s business climate, the country is sending out tentative signals that it may be ready for a thaw. A period of aggressive economic nationalism, symbolized by the state’s drive to take control of the …
Orascom asks for arbitration on Algeria dispute
By Shaimaa Fayed / Reuters CAIRO: Orascom Telecom (OTH) said on Thursday it had submitted a formal arbitration notice against the Algerian government, the latest twist in a long and bitter dispute over Orascom’s local mobile phone unit. It follows years of acrimony between the Egyptian group and Algeria, which has hit the local subsidiary …
France Telecom finalizes terms of Mobinil buyout
By Leila Abboud and Tom Pfeiffer /Reuters PARIS/CAIRO: France Telecom has finalized a deal to buy most of its partner’s stake in Egyptian mobile operator Mobinil for €1.5 billion ($2 billion), leaving the venture with 95 percent French ownership but significant Egyptian board and management presence. Orascom Telecom Media and Technology Holding’s (OTMT) shares jumped 5.2 …
Unrest pushes Orascom Development into loss
By Shaimaa Fayed / Reuters CAIRO: Swiss-listed Egyptian property and hotels group Orascom Development on Friday reported a full-year net loss of 69.7 million Swiss francs ($76.82 million), due to the political turmoil in Egypt and elsewhere in the Arab world last year. The firm, known mostly for building luxury resorts, took extraordinary charges in 2011 …
Orascom Construction Q4 net falls more than expected
By Tom Pfeiffer / Reuters CAIRO: Egyptian group Orascom Construction reported a 34 percent drop in quarterly net income, missing expectations after being hit by debt restructuring and other charges. The company’s shares gained 2.6 percent as analysts welcomed its construction backlog, which continued growing at the end of a year of major economic disruption in …