Orascom Telecom Holding S.A.E. or OTH (OTLD.L) announced the refusal of its grievance submitted to the Grievance Committee related to the decision of the Egyptian Financial Supervisory Authority or "EFSA" to accept the publication of the mandatory purchase offer submitted by an affiliate of France Telecom or "FT" (FTE), for the acquisition of 100% of the shares of the Egyptian Company for Mobile Services or "ECMS" issued on December 10th, 2009.
The company said it was disappointed with the decision of the Grievance Committee, as the company maintains the same position; that there are no valid reasons justifying a price differential between the price contained in the mandatory public offer and the price of 273 LE, the price that FT should have been committed to in the case that it had purchased the share of OTH in Mobinil Telecom according to the terms of the arbitration award.
Also, OTH plans to file a case before the Administrative Court to challenge the Decision and request its annulment and seek an injunctive relief to stay the decision prior to the expiry of the purchase offer period.
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