Cairo - Mubasher: The extraordinary general meeting (EGM) of Orange Egypt for Telecommunication has agreed to optionally write off the company's shares from the Egyptian Exchange (EGX).

The EGM approved to buy shares of shareholders negatively affected by the optional write-off, including mortgagee creditors, in accordance with article 55 of the listing rules, the telecom firm said in a filing to the EGX on Wednesday.

Procedures of the optional write-off are expected to be completed and submitted to EGM by the end of December, the company added.

In July, the listing committee at the EGX called the main shareholder in Orange Egypt to write-off the company’s shares from the EGX optionally.