Last checked at 18 Jul 2018 07:58
OTMT pursues steps to change its name from Orascom Telecom Media & Technology Holding to Orascom Investment Holding
Cairo, July 18th, 2018: After securing shareholders' approval during its Extraordinary General Assembly held in Cairo on 5 June, 2018, Orascom Telecom Media and Technology Holding S.A.E. ("OTMT") announced today that it has obtained the official regulatory approvals to change its name from Orascom Telecom Media & Technology Holding S.A.E. to Orascom Investment Holding S.A.E.
The company's decision to change its name to "Orascom Investment Holding", subject to shareholder approval, was recommended by the Board during its meeting on 29 April 2018 as part of the company's strategy to diversify its portfolio from a solely Telecom and Technology based firm to an Investment Holding firm aiming to strengthen its profitability position and develop higher-growth / higher-yield businesses.
Orascom Investment Holding intends to continue to capitalize on its strong operational management expertise to transform opportunities into value through strategic investments in industries that are critical to shaping the future, including energy, financial services, agri-industries, real estate development, logistics and transport.
The company is undertaking the administrative procedures necessary to put into full effect the name change and new corporate identity before EGX and other Governmental Authorities. During the intermediary period, reference to the company will continue to be under the name Orascom Telecom Media & Technology Holding (OTMT) for electronic means of communication.
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About Orascom Investment Holding ("OIH")
OIH has been operating as a holding company with investments mainly in the telecom, media & technology and cable businesses since its establishment in 2011. Born out of the split of assets between OTMTI and VEON (formerly known as Vimpelcom), OIH holds the legacy of the region's most successful telecoms operator. As the industry matured, OIH recently adopted a new direction to diversify its portfolio from a solely Telecom and Technology based firm to an Investment Holding company.
OIH invests in industries that are critical to the future, including energy, financial services, agriculture, real estate development, logistics and transport. OIH is currently exploring opportunities across Egypt, Africa and the Middle East. Wherever we invest, we will always aspire to transform lives to make a lasting contribution to sustainable economic development.
For More Information:
Investor Relations
2005A Nile City Towers - South Tower, 29th Floor - Corniche El Nile,
Ramlet Beaulac, Cairo, Egypt
E-mail: otmtinvestorrelations@otmt.com