CAIRO: Egyptian group Orascom Telecom will hold a shareholder meeting on April 14 to approve a split of the company and a capital increase, it said on Tuesday.
Financial regulator EFSA has approved the meeting at which OT will seek to boost its capital to LE 14 billion ($2.35 billion) from LE 7.5 billion to fund its debt as well as divide the company into two.
Russian mobile operator Vimpelcom shareholders have approved a $6 billion-plus purchase of Wind Telecom, which owns OT, creating one of the world’s biggest mobile operators by number of subscribers.
