Last checked at 28 Jun 2012 17:49
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OTMT's OGM Approves Dividend Distribution and the appointment of the new CEO
Cairo, June 28, 2012: Orascom Telecom Media and Technology Holding S.A.E. ("OTMT" or the "Company") announced today that the Company's shareholders approved all of the items on the agenda at today's ordinary General Assembly Meeting ("OGM"), paving the way to implement the Company's intention to distribute dividends of EGP 1.05 per share (EGP 5.25 per Global Depositary Receipt ("GDR") to be converted at the prevailing USD to EGP exchange rate at the time of payment)*.
Naguib Sawiris, Executive Chairman of OTMT commented: "I am pleased to welcome Karim Beshara in this new position. Karim has been a integral member of the group and he will be a great value for OTMT while embarking on a new era of growth."
From his side, Karim Beshara said: "I am honored and excited to accept the position of CEO of OTMT. I look forward to working with the OTMT team to reach new heights."
*1 GDR = 5 local ordinary shares.
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About Orascom Telecom Media and Technology Holding S.A.E.
OTMT is a holding company that has investments in companies with operations mainly in Egypt, North Korea, Pakistan, Lebanon and other North African and Middle-Eastern countries. The activities of OTMT are mainly divided into its GSM, Media and Technology, and Cable businesses. The GSM activities include mobile telecommunications operations in Egypt, North Korea and Lebanon. The Media and Technology division consists of OT Ventures/Intouch Communications Service and the OT Ventures Internet portals and other ventures in Egypt, including LINK Development, ARPU+ and LINKonLINE. The Cable business focuses on the management of cable networks.
OTMT is traded on the Egyptian Exchange under the symbol (OTMT.CA, OTMT EY).
Cautionary statement regarding forward-looking statements
This announcement contains "forward-looking statements." Forward-looking statements are statements that are not historical facts, including statements concerning the anticipated timing of events; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Forward-looking statements involve inherent risks, uncertainties and assumptions, including, without limitation, uncertainty as to whether FT and OTMT will receive the necessary regulatory approvals or complete the contemplated transaction; the possibility that expected benefits may not materialize as expected; and other risks and uncertainties that are beyond the parties' control. If such risks or uncertainties materialize or such assumptions prove incorrect, actual results could differ materially from those expressed or implied by such forward-looking statements and assumptions
The forward-looking statements contained in this announcement are made as of the date hereof.
For Further Information:
Investor Relations-Orascom Telecom Media and Technology Holding S.A.E.
Nile City Towers - South Tower
26th Floor - Corniche El Nile,
Ramlet Beaulac
Cairo Egypt
Email: otmtinvestorrelations@otmt.com
DISCLAIMER:
The distribution of this press release may be restricted by law in certain jurisdictions. Persons into whose possession this document comes are required to inform themselves about and to observe any such restrictions.
Any tender offer for the shares of ECMS is subject to approval by the Egyptian Financial Supervisory Authority.
This press release does not constitute an offer for ECMS shares in any jurisdiction.
This press release does not, and shall not, in any circumstances constitute a public offering of shares, or global depositary shares representing such shares, in OTMT ("OTMT Securities"), nor an invitation to the public in connection with any offer. The acquisition of the OTMT Securities may be subject to specific legal or regulatory restrictions in certain jurisdictions. OTMT takes no responsibility for any violation of any such restrictions by any person.
This press release is not an offer for sale of OTMT Securities in the United States. OTMT Securities may not be held by U.S. persons, other than persons that are both (a) a ''qualified institutional buyer'' as such term is defined in Rule 144A under the U.S. Securities Act of 1933, as amended, and (b) a "qualified purchaser" as defined in the U.S. Investment Company Act of 1940, as amended.