By Reem Hosam El-Din
Orascom Telecom Media and Technology Holding (OTMT) agreed in a board meeting on Monday to buy all shares of Bluestone (Holland) Investment BV, a subsidiary Victoire Invest Holding, and all parent companies – whether directly or indirectly – for BRL 263.3m ($64.104m).
The company headquarters is on an area of 11,053.34 sqm, with seven storeys in the Pátio Malzoni Block A trade building in São Paulo, Brazil, according to a statement by the company to the Egyptian Stock Exchange (EGX).
The statement also said an initial public offering (IPO) was also approved to increase the capital of the companies to be acquired by OTMT.
“The price of currency conversion from US dollar to Brazilian real was 4.1096 BRL on the date of 28 September, 2015,” the statement read.
The board of directors agreed to sign a contract with Banque Libano-Francaise (BLF) for a maximum loan of $35m to partially fund the buying process, guaranteed by a mortgage on its property and the shares owned by the company.
In February, OTMT sold its 5% direct stake in the Egyptian company for mobile services, Mobinil. It also sold its voting rights in MT Telecom, the holding company of Mobinil, to the French company Orange for $233m. The total capital of OTMT is estimated at EGP 2.2bn, divided over 5.2bn shares.