REG - OrascomTelecom Hldgs - OTH Announces Minor Adjustment to its Financials
OTH Announces a Minor Adjustment to its Financial Statements for the Year Ended 31 December 2011
Cairo, April 17th, 2012: Orascom Telecom Holding S.A.E. ("OTH" or the "Company") announces that subsequent to the approval of the financial statements for the Year Ended 31 December 2011 by the Board of Directors of OTH on 12 March 2012, the External Auditors of the company requested a change in the calculation of the corporate tax charge on the consolidated financial statements, resulting in an increase in the income tax item in the consolidated income statement for an amount of EGP 241 Million equivalent to US$ 40 Million. The Board of Directors approved this change on 12 April 2012.
For further information, please refer to OTH's financial statements disclosed by the Company on its website and filed with the Egyptian Financial Supervisory Authority and the Egyptian Exchange.
About Orascom Telecom:
Orascom Telecom is a leading international telecommunications company operating GSM networks in high growth markets in the Middle East, Africa and Asia, having a total population under license of approximately 415 million with an average mobile telephony penetration of approximately 48% as of December 31st, 2011. Orascom Telecom operates GSM networks in Algeria ("OTA"), Pakistan ("Mobilink") and Bangladesh ("banglalink") and has an indirect equity shareholding in Globalive Wireless Canada ("Wind Mobile"). In addition it has an indirect equity ownership in Telecel Zimbabwe (Zimbabwe) and through its subsidiary Telecel Globe, OTH also operates in Burundi and the Central African Republic. Orascom Telecom reached over 78 million subscribers as of December 31st, 2011.
Orascom Telecom is traded on the Egyptian Exchange under the symbol (ORTE.CA, ORAT EY), and on the London Stock Exchange its GDSs are traded under the symbol (ORTEq.L, OTLD LI). For more information visit www.orascomtelecom.com.
For Further Information:
Orascom Telecom Holding S.A.E.
Nile City Towers - South Tower
27th Floor - Corniche El Nile,
Telephone : +202 2 461 5050 / 51
Fax : +202 2 461 5055
This information is provided by RNS