Orascom deepens ties with parent Vimpelcom
- Published on 22 October 2012
Egyptian telecoms company, Orascom Telecom Holding, has reached an agreement with its parent company Vimpelcom to provide one another with technical and commercial services to improve their business efficiency.
Officials from Orascom said the North African telecoms company planned to change its name to Global Holding SAE after Russia’s Vimpelcom took control of the company last year in a deal worth $6 billion.
It was further reported that the company had plans to take control of Canada’s Globalive Investment Holding Corp, after changes to Canada’s foreign ownership laws.
However, such change requires the approval of Canadian investment authorities, which is expected early next year.