Orascom Telecom Plans to Change its Name to Become Global Telecom
4 years ago
Egyptian telecommunications giant Orascom Telecom Holding, that holds 49 percent stakes in Mobilink, has said that it will change its name to Global Telecom Holding before the end of 2012.
Orascom, in a statement issued yesterday, said that the decision was taken in a board of directors meeting that will be presented to shareholder assemblies expected to convene next month.
Statement said that the decision is in line with VimpelCom acquisition and demerger, which required the Company and its subsidiaries to cease using the Orascom name, designs and logos before the end of 2012.
Naguib Sawiris of Orascom Telecom had sold 51.7 % of Orascom Telecom and 100 % of Wind Italy to VimpelCom of Russia for a deal that valued USD 6 billion, against shares in VimpelCom that he later sold to Telenor Group.