Last checked at 15 Apr 2016 07:00
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Release to Shareholders Regarding the Acquisition of CI Capital Holding S.A.E. by Beltone Financial Holding S.A.E.
Cairo, April 14, 2016: With reference to the release issued by the Egyptian Financial Supervisory Authority ("EFSA") dated April 13, 2016 at 7 pm regarding the request of a No Objection Certificate ("No Objection Certificate") on the acquisition transaction of the share capital of CI Capital Holding S.A.E. ("CI Capital") by Beltone Financial Holding S.A.E. ("Beltone") (the "Transaction"), OTMT would like to inform its Shareholders of the following:
1) OTMT confirms that it has complied with all disclosure requirements, laws and regulations concerning corporate governance. OTMT also confirms that there has not been any breach regarding the undertakings related to the Demerger of Orascom Telecom Holding S.A.E. ("OTH") ("Demerger") stipulated at the beginning of the year 2012.
2) There has not been any change in the ownership of the majority shareholder of OTMT since the ownership of the shares has been transferred to them by Weather Capital S.P.1 which is indirectly owned by Vimplecom, such transfer has been disclosed at the beginning of the year 2012. Moreover, OTMT has complied with the requested disclosures that are released and periodically published (quarterly, semi-annually and annually) on The Egyptian Exchange's ("EGX") screens.
3) The Demerger that resulted in the foundation of OTMT was the first of its kind in EGX's history, by virtue of which OTH was split into two entities, so that the Egyptian assets and other specific assets remain under OTMT. The Demerger has been executed in complete transparency after getting all the necessary approvals including the approval of the EFSA, which had not shown any objection at the time and until the date of requesting the No Objection Certificate.
4) OTMT has completed the transaction of the acquisition of Beltone after getting all the necessary approvals from the EFSA, which has not requested any additional information at the time or mentioned any of the breaches that have been referred to in its note mentioned above.
5) There is no breach to be disclosed or rectified.
OTMT confirms that it is committed to confronting all obstacles that it encounters and to work on clearing them to conclude the Transaction. Therefore, the parties to the Transaction have agreed to extend the duration of the Transaction till the end of the working day of April 28th, 2016.
OTMT shall continue addressing EFSA to inquire about the details of the breach referred to, submit the necessary evidence that OTMT is compliant with the applicable regulations and satisfy any inquiries or requested information if necessary to defend OTMT's viewpoint and its rights and to conclude the execution of the Transaction as soon as possible without any breach to the company and its shareholders' rights.
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About OTMT
OTMT is a holding company that has investments in companies with operations mainly in Egypt, North Korea, Lebanon, Pakistan and other North African and Middle-Eastern countries. The activities of OTMT are mainly divided into its GSM, Media and Technology, and Cable businesses, having recently expanded its lines of operations into the new fields of Energy, Transport & Logistics, and Telecom infrastructure. The GSM activities include mobile telecommunications operations in Egypt, North Korea and Lebanon. The Cable business focuses on the management of cable networks. The new field of Energy includes its operations in the power projects in Egypt.
Press contacts:
Orascom Telecom Media and Technology: Investor Relations
2005A Nile City Towers - South Tower, 26th Floor - Corniche El Nile,
Ramlet Beaulac, Cairo, Egypt
E-mail: 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.
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.