Orascom to change name, take control of Canadian ops

Following on from Vimpelcom’s USD6.5 billion takeover of Orascom Telecom Holding (OTH) last year, the Egyptian company has said it is changing its name to Global Telecom Holding SAE. According to a report by Reuters, the two companies have also agreed to provide one another with technical and commercial services for a period of two years to improve the efficiency of their businesses. Orascom also said it planned to take control of Canada’s Globalive Investment Holding (the parent of cellco Wind Mobile), after Canada changed the law governing foreign ownership of local businesses. The law allows Orascom’s Canadian holding company to convert non-voting shares in Globalive Investment Holding into voting shares, taking its proportion of the voting shares to 65.08% from 32.02%. Orascom will submit the name change, the new arrangement with Vimpelcom and the Canadian shareholding changes to its own shareholders for approval next month.