MOSCOW May 27 Russia's Altimo said on Monday it
had asked the Egyptian Financial Supervisory Authority to waive
the minimum take-up requirement in order to proceed with its
buyout of minority shareholders of Orascom Telecom
Orascom Telecom shareholders offered to sell 15.9 percent of
shares listed on the Egyptian stock exchange in a buyout offer
from an Altimo subsidiary, below the minimum 26.6 percent
required for the buyout.
"Even though this number falls below the 26 percent minimum
threshold, this is still a significant percentage representing
one third of the freefloat of OTH," Altimo said in emailed
"Therefore Altimo would like to honour its commitment of
buying the shares at 70 cents from all shareholders that
tendered and hence has applied to EFSA to waive this minimum
Altimo also said the assertions that the offer has failed
were wrong as it has yet to hear back from the regulator.