Egyptian communications giant Orascom is planning to take advantage of Canada’s telecom ownership laws by converting its non-voting shares in Globalive Investment Holding Corp, to common shares. If approved, Orascom’s rights will increase times two, from 32% to 65.1%.
The Canadian government has eased its laws on foreign-ownership of telecom operators. Foreign investors can now own up to 100 percent of local operators as long as they have less than 10% of the market share according to the revenue. Just last year, Orascom had a successful merger with a Russian operator, VimpelCom Ltd. (VIP).
Last Sunday, Orascom said it plans to rename itself as Global Telecom Holding by the end of 2012 after a successful meeting among the board of directors. The plans will be presented to shareholders in an assembly on November.
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