CAIRO, March 31 Egypt's stock exchange said on
Sunday a subsidiary of Russian billionaire Mikhail Fridman's
Altimo had offered to buy 100 percent of Egypt's Orascom Telecom
The $3.7 billion offer from a Cyprus-based firm owned by
Altimo is at a price of $0.70 per share for all of Orascom
Telecom's 5.245 billion shares, the statement said.
"The authority is currently studying the announced offer,"
the Egyptian Financial Supervisory Authority said in a
Cairo-based Orascom Telecom, a heavyweight on the Egyptian
Stock Exchange, is controlled by Russia's Vimpelcom.
Altimo owns 47.85 percent of Vimpelcom.
Orascom Telecom is the third large firm that is taking steps
to leave the Egyptian market this year. In February, Egypt's
regulator approved an offer by Qatar National Bank (QNB)
to acquire Cairo's National Societe General Bank
Orascom Construction Industries (OCI) is also
finalising a deal with its Dutch-listed parent company OCI NV
that may lead it to leave the Egyptian stock exchange.
"It will affect the index market capital which is already
impacted by NSGB exiting and OCI, which might happen anytime
now, so we are talking about more than 25 percent of the weight
of the index," said Ahmed Adel, telecom analyst at Naeem
"The biggest players in the Egyptian market are OCI and
Orascom Telecom and NSGB, and the idea is given the market
conditions and the political situation ... you cannot expect a
high flow of new listings in the index right now," he added.