Cairo – Mubasher: Orascom Telecom Media and Technology Holding (OTMT) on Wednesday said that the Egyptian Financial Supervisory Authority (EFSA) has approved an application by OTMT Acquisition to “exempt” it from presenting a mandatory tender offer (MTO) for the purchase of 51.66% of OTMT’s shares, as part of the Orascom Telecom Holding’s split in February 2012.

On Tuesday, 14 February, 2017, EFSA approved the reconciliation request presented by OTMT Investments and OTMT Acquisition dated 22 April 2016 “to settle the contraventions relating to the undertaking issued by OTMT Investments on 30 November 2011” as part of the demerger, according to a filing to the Egyptian Exchange (EGX).

The reconciliation was approved in consideration of the payment of the required fines, OTMT added.

OTMT Acquisition is a majority shareholder with a 51.66% stake in OTMT, while OTMT Investments holds 100% of OTMT Acquisition.

The EGX decided to suspend trading on OTMT’s shares for 10 minutes to review the statement. It also suspended all offers and orders on the stock prior to the bourse filing.

“Naguib Sawiris, chairman of OTMT Holding, confirmed that the company looks forward to making new investments in the Egyptian market particularly following the recent reform procedures and the steps taken to enhance the investment climate,” the statement added.

OTMT is an Egyptian holding company with operations and investments in Egypt, North Korea, Pakistan, Lebanon, and other countries in the MENA region.