DOCSLIB.ORG

Operational Performance 5

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Operational Performance 5 GIVING THE WORLD A VOICE ORASCOM TELECOM HOLDING Full Year 2010 Orascom Telecom Holding YE – 2009 Page | 1 GIVING THE WORLD A VOICE CONTENT Highlights 3 CEO’s Comment 4 Operational Performance 5 Main Financial Events 9 Financial Review 14 Financial Statements 20 Operational Overview 25 Orascom Telecom Holding YE – 2009 Page | 2 GIVING THE WORLD A VOICE Orascom Telecom Holding Full Year 2010 Results Cairo, April 18th, 2011: Orascom Telecom Holding (OTH) (Ticker: ORTE.CA, ORTEq.L, ORAT EY, OTLD LI), announces its year end 2010 consolidated results. Highlights • On 4 January 2011, OTH sold its entire shareholding in Orascom Tunisia Holding and Carthage Consortium through which OTH owned 50% of Orascom Telecom Tunisia (“OTT”). As a result the proportionate consolidation of OTT during Q4 is no longer applicable under IFRS as it renders the entity an investment held for sale, and consequently a discontinued operation under IFRS rules. Figures for 2009 and 9M 2010 have been restated to reflect the accounting treatment of OTT. • Total subscribers exceeded 101 million, an increase of 16% over the same period last year. • Net Income before minority interest showed a sharp increase of 106% compared to the same period last year, reaching US$ 781 million1 for the period ending December 31st, 2010, mainly due to the gain recognized on the Mobinil transaction by comparing the carrying amount of the investments in Mobinil and ECMS to the relevant fair value, taking into consideration the net proceeds from the transaction for the global settlement fee amounting to US$300 million. • Revenues reached US$ 3,825 million1, increasing by 2% over the previous year as a result of strong growth in all GSM operations, with the exception of Algeria. The persistence of an adverse operating environment in Algeria, which was further affected by the hindrance of promotions, caused a 6.5% decrease in OTA’s YoY revenues. Revenues of Mobilink and banglalink had a positive impact on GSM revenue growth for the year ending December 31st, 2010. Revenues of Mobilink were impacted YoY due to currency devaluation: revenues for Mobilink were up 9% in local currency vs. a 5% increase in US$. banglalink’s revenues grew by 30% compared to the same period last year. Consolidated Revenue in Q4 2010 remained stable compared to Q3 2010. • EBITDA reached US$ 1,584 million1, an increase of 4% compared to the same period last year. The solid performance across all the GSM subsidiaries was negatively impacted by the 8% decrease in Djezzy’s EBITDA as a result of the ongoing crisis situation in Algeria. EBITDA in Q4 2010 increased by over 1% compared to Q3 2010. • Group EBITDA margin stood at 41.4%, an increase of 1% compared to the year 2009. EBITDA margins for the major subsidiaries were: Djezzy 56.2%, Mobilink 39.6% banglalink 27.9%, and koryolink 87%. • Earnings per GDR reached US$ 0.73/GDR (based on a weighted average for the outstanding GDRs of 1,015 million over 12M 2010)2. • Net Debt as of December 31, 2010 stood at US$ 4,009 million with a Net Debt/EBITDA of 2.5x. Pro-forma for the receipt of proceeds from the disposal of Tunisiana, Net Debt/EBITDA is approximately 1.9x. 1. US$ financial figures in the Income Statement & Balance Sheet are according to the International Financial Reporting Standards (IFRS). 2. The weighted average for the outstanding GDRs was 1,015,240,054 as of December 31st, 2010. Orascom Telecom Holding FY – 2010 Page | 3 GIVING THE WORLD A VOICE Khaled Bichara, Group CEO, commented on the results: “The year 2010 has proven to be a year income before minority interest of US$ 781 million for the of significant milestones aiding the year ending 31 December 2010. In addition, Net growth of Orascom Telecom Holding, Debt/EBITDA now stands at 2.5x. Pro-forma for the on an operational and strategic level. receipt of proceeds from the disposal of Tunisiana, Net Debt/EBITDA is approximately 1.9x. On October 4th, 2010 WIND TELECOM, OTH’s parent company, and While the majority of our operations have displayed VimpelCom Ltd. announced their strong and stable growth, the Algerian unit, due to the intention to combine their groups, thereby creating the consistently hostile operating environment, has faced a world’s sixth largest telecommunications company. decrease in revenues of 6.5% compared to the year Most recently, in March 2011 the VimpelCom Special end of 2009. Many restrictions on the operation still General Meeting approved the transaction. remain in place, such as the hindrance of promotions Furthermore, on April 14th, over 97% of OTH’s and local governmental restrictions, in addition to SIM shareholders approved the proposed refinancing plan card shortages resulting from a ban on imports. Despite for the company, as well as a demerger into two a number of cost cutting initiatives being instigated in separate entities: OTH and Orascom Telecom Media order to stabilize and maintain network quality, and Technology Holding S.A.E (OTMT). The refinancing restrictions imposed by the Algerian government plan will ensure an improvement in the company’s continue to negatively impact Djezzy’s results. liquidity position and capital structure, while OTMT will Pakistan has shown a 9% increase in its revenues for the serve as a holding company year, in local currency terms, for Mobinil, koryolink, Alfa “OTH will join the ranks of truly global alongside efficient cost management contract, the management initiatives which cable businesses and OT players in the field of telecommunications resulted in a YoY EBITDA margin Ventures. Consequently, OTH supported by expertise and a strong growth of 3%. will join the ranks of truly leverage profile while benefiting from global players in the field of significant synergies resulting from the The high subscriber growth trend telecommunications WIND-VimpelCom transaction.” in Bangladesh has translated into supported by expertise and a revenue growth of over 30% in strong leverage profile while benefiting from significant comparison to 2009 despite increasing competitive synergies resulting from the WIND-VimpelCom pressures in the Bangladeshi telecommunications transaction. The demerged entity of OTMT will allow for market. better focus on strategies, and lend both OTH and OTMT WIND Mobile Canada continues to grow its customer the independence to drive faster growth. base and has succeeded in adding nearly 100 On January 4th, 2011, OTH sold its entire shareholding in thousands new subscribers compared to the last Orascom Tunisia Holding and Carthage Consortium, quarter, nearing its total subscribers to a quarter of a through which we owned 50% of Tunisiana, for a total million. cash consideration of US$ 1.2 billion, equalling an In light of the company’s promise to deliver innovation enterprise value of 6.7x Tunisiana’s 2009 EBITDA and and value to its shareholders moving forward into the generating over 40% annual return on OTH’s investment new era of consolidation, we see the perfect in the business since 2003. opportunity to do so in the expected combination of OTH now counts over 101 million subscribers across its WIND TELECOM and VimpelCom, allowing us to operating countries. The 16% increase in our customer continue to maximize long-term shareholder value. “ base compared to last year has translated into a net Orascom Telecom Holding FY – 2010 Page | 4 GIVING THE WORLD A VOICE Operational Performance Subscribers Throughout the year 2010, Orascom Telecom achieved despite the various obstacles succeeded in surpassing the 100 million subscriber encountered throughout the year relating to mark reaching over 101 million customers, showing banning Djezzy promotions, advertising on an increase of nearly 16% over the same period last government owned TV channels, as well as the year. For comparative purposes, subscriber base for inability to import SIM cards. YE 2009 and Q3 2010 have been adjusted to reflect Telecel Globe’s significant subscriber growth of 78% the sale of Tunisiana. during 2010 contributed to Orascom Telecom’s 101 In Bangladesh aggressive acquisition and strong million strong customer base. Similarly, koryolink’s customer retention led to a 39% YoY increase in subscriber figures have witnessed a sharp increase banglalink’s subscriber base. Our Pakistani YoY, reaching over 400,000 subscribers compared to operation showed over 3% growth in subscribers just over 90,000 subscribers at year end 2009. WIND compared to the year end of 2009 as a result of Mobile Canada added nearly 100,000 new aggressive acquisition promotions countering a dip customers this quarter in comparison to Q3 2010 in subscriber figures experienced in the previous consequently showing a 67% increase. quarter due to damages incurred during the Under the management contract of Alfa, customer massive country-wide floods. base has witnessed a 26% increase over the Djezzy subscribers increased by 3% compared to the previous year, maintaining steady growth well year end of 2009. The growth in customer base was above the 1 million subscriber mark. Table 1: Total Subscribers Inc/(dec) 31 Dec. 30 Sept. 31 Dec. Subsidiary Dec. 2010 vs. 2009 2010 2010 Dec. 2009 Djezzy (Algeria) 14,618,166 14,919,031 15,087,393 3.2% Mobilink (Pakistan) 30,800,354 31,444,099 31,794,292 3.2% banglalink (Bangladesh) 13,886,913 18,107,163 19,327,005 39.2% Telecel Globe 1,823,000 2,952,530 3,242,000 77.8% koryolink (DPRK) 91,704 301,199 431,919 n.m. Alfa (Lebanon) 1,067,552 1,253,163 1,342,385 25.7% Total 62,287,689 68,977,185 71,224,994 14.3% Inc/(dec) Operations accounted for under 31 Dec. 30 Sept. 31 Dec. Dec. 2010 vs. the equity method 2009 2010 2010 Dec.
Load more

Recommended publications
  • Claimant's Memorial on Merits and Damages
    Public Version INTERNATIONAL CENTRE FOR ICSID Case No. ARB/16/16 SETTLEMENT OF INVESTMENT DISPUTES BETWEEN GLOBAL TELECOM HOLDING S.A.E. Claimant and GOVERNMENT OF CANADA Respondent CLAIMANT’S MEMORIAL ON THE MERITS AND DAMAGES 29 September 2017 GIBSON, DUNN & CRUTCHER LLP Telephone House 2-4 Temple Avenue London EC4Y 0HB United Kingdom GIBSON, DUNN & CRUTCHER LLP 200 Park Avenue New York, NY 10166 United States of America Public Version TABLE OF CONTENTS I. Introduction ............................................................................................................................ 1 II. Executive Summary ............................................................................................................... 3 III. Canada’s Wireless Telecommunications Market And Framework For The 2008 AWS Auction................................................................................................................................. 17 A. Overview Of Canada’s Wireless Telecommunications Market Leading Up To The 2008 AWS Auction.............................................................................................. 17 1. Introduction to Wireless Telecommunications .................................................. 17 2. Canada’s Wireless Telecommunications Market At The Time Of The 2008 AWS Auction ............................................................................................ 20 B. The 2008 AWS Auction Framework And Its Key Conditions ................................... 23 1. The Terms Of The AWS Auction Consultation
    [Show full text]
  • Download PDF Dossier
    Halberd Bastion Pty Ltd ABN: 88 612 565 965 58 Latrobe Terrace, Brisbane Queensland, Australia, 4064 [email protected] Research Dossier: VEON (VimpelCom) Headquarters Netherlands Company Name VEON Ltd. Ownership Type Publicly Traded Company Ownership/Controlling Entities Telenor Group Website https://veon.com/ Company Overview VEON, previously known as VimpelCom, is an international communications and technology company driven by a vision to unlock new opportunities for our customers as they navigate the digital world. Present in some of the world's most dynamic markets, VEON provides more than 235 million customers with voice, fixed broadband, data and internet services. VEON offers services to customers in 13 markets including Russia, Italy, Algeria, Pakistan, Uzbekistan, Kazakhstan, Ukraine, Bangladesh, Kyrgyzstan, Tajikistan, Armenia, Georgia, and Laos. VEON operates under the “Beeline”, “Kyivstar”, “WIND 3”, “Jazz”, “banglalink”, and “Djezzy” brands. VEON is headquartered in Amsterdam, the Netherlands, and is traded on the NASDAQ Global Select Market and Euronext Amsterdam under the symbol "VEON". Groups Under Direction The company maintains a significant controlling stake in 1 group companies globally. Group companies are those maintaining a parent relationship to individual subsidiaries and/or mobile network operators. Global Telecom Holding Headquarters: Netherlands Type: Publicly Traded Company, Subsidiary Subsidiaries The company has 8 subsidiaries operating mobile networks. Beeline Armenia Country: Armenia 3G Bands:
    [Show full text]
  • “HR Operations and Non Compliance of Labour Law in Banglalink”
    InternshIp report on “HR operatIons and non ComplIanCe of labour law In banglalInk” submItted to kulsum popy leCturer, BRAC busIness School BRAC unIversIty submItted by raha tasmIm Id- 09104019 dept: BBA mobIle no- 0193-99-00-008 e-maIl: [email protected] date of submIssIon: may 20th, 2013 Letter of Transmittal 15th May’ 2013 To Ms. Kulsum Popy Lecturer BRAC Business School BRAC University 66, Mohakhali, Dhaka Subject: Submission of Internship Report on “HR Operations and Non Compliance of Labour Law in Banglalink” Dear Madam, With due respect, I am submitting my Internship report on the topic titled “HR Operations and Non Compliance of Lalobur Law in Banglalink” as a partial fulfillment of my BBA Program. It is my pleasure to inform you that I have been serving as an Intern in Banglalink under HR Operations from February 11, 2013 to May 10 2013. It was an excellent opportunity for me to complete my internship in Banglalink. I would like to thank you for giving me the opportunity to work on this assigned topic to enhance my knowledge in the practical field of Human Resource. This report explores the operational activities done by Banglalink HR and the level of compliance of HR policy and practices followed by Banglalink as per labour law. The Internship report has been prepared based on the practical experience, discussion and interview which have been carried out among the selected employees of HR Operations team of Banglalink. I hope you will find it worthy. Therefore, I sincerely hope that you will appreciate my effort. Sincerely yours, Raha Tasmim ID: 091014109 Page 1 of 43 Acknowledgement All praise to Allah, the almighty and the merciful.
    [Show full text]
  • Middle East Capabilities
    A Summary of Skadden’s Middle East Capabilities 1,700 attorneys 22 offices 50+practices BeijingBeijing / Boston/ Boston / Brussels / Brussels ChicagoChicago / Frankfurt/ Frankfurt HongHong Kong Kong / Houston / Houston LondonLondon / Los/ Los Angeles Angeles MoscowMoscow / Munich/ Munich NewNew York York / Palo / Palo Alto Alto ParisParis / /São São Paulo Paulo / Seoul / Seoul ShanghaiShanghai / Singapore / Singapore TokyoTokyo / /Toronto Toronto Washington,Washington, D.C. D.C. WilmingtonWilmington For more than 60 years, we have advised the business, financial and governmental communities around the world on their most complex, high-profile matters. Introduction Our attorneys provide clients doing business in the Middle East with seamless legal services, advising on corporate, dispute resolution, and investigation matters throughout the region. Skadden’s team of highly qualified lawyers, including native Arabic speakers, are We are known for our utmost committed to serving the needs of clients in the Middle East. For many decades, Skad- dedication to client service, den has been a global leader among law firms in mergers and acquisitions, corporate commitment to excellence, creativity and finance, disputes, investigations and regulatory matters in the region. We focus on resourcefulness in providing innovative complex multi-jurisdictional transactions and disputes, especially those in regulated advice and novel legal solutions. industries and growth markets. Through our integrated practices We operate as an integrated practice without office or jurisdictional boundaries — an and one-firm approach, we provide approach that is critical to the firm’s competitive advantage around the world. Our significant value and cost-efficiencies attorneys have extensive experience managing complex cross-border issues and the by bringing together the exceptional demands of multiple legal and regulatory regimes.
    [Show full text]
  • Telenor East Holding II AS V. Altimo &
    Neutral Citation Number: [2011] EWHC 735 (Comm) Case No: 2011 Folio 139 IN THE HIGH COURT OF JUSTICE QUEEN'S BENCH DIVISION COMMERCIAL COURT Royal Courts of Justice Strand, London, WC2A 2LL Date: 1st March 2011 Before : MRS JUSTICE GLOSTER, DBE - - - - - - - - - - - - - - - - - - - - - Between : Telenor East Holding II AS Applicant - and - (1 Altimo Holdings & Investments Ltd Respondents (2 Altimo Cooperatief UA (3 VimpelCom Ltd - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Joe Smouha Esq, QC, Vernon Flynn Esq, QC, Paul McGrath Esq and James Willan Esq (instructed by Orrick, Herrington & Sutcliffe (Europe) LLP) for the Applicant Huw Davies Esq, QC, Stephen Houseman Esq and Anton Dudnikov Esq (instructed by Skadden, Arps, Slate, Meagher & Flom LLP) for the First & Second Respondents Mark Howard Esq, QC and Oliver Jones Esq (instructed by Akin Gump LLP) for the Third Respondents Hearing dates: 25th February 2011 - - - - - - - - - - - - - - - - - - - - - Judgment Mrs Justice Gloster, DBE: 1. This is an application for an interim injunction pursuant to section 44 of the Arbitration Act 1996 which is made by the claimant, Telenor East Holdings II AS (“Telenor”), for an injunction restraining the third respondent, VimpelCom Limited (“VimpelCom”), and the first and second respondents, Altimo Holdings & Investments Limited ad Altimo Cooperatief UA, the latter as a shareholder in VimpelCom, from taking any action to convene, or proceed with, or vote at, a Special General Meeting of VimpelCom’s shareholders
    [Show full text]
  • Operational Performance
    GIVING THE WORLD A VOICE ORASCOM TELECOM HOLDING First Quarter 2012 Orascom Telecom Holding YE – 2009 P a g e | 1 GIVING THE WORLD A VOICE CONTENT Highlights 3 CEO‟s Comment 4 Performance Review 5 Financial Statements 12 Main Financial Events 15 Operational Overview 17 Orascom Telecom Holding YE – 2009 P a g e | 2 GIVING THE WORLD A VOICE Orascom Telecom Holding First Quarter 2012 Results Cairo, May 14th, 2012: Orascom Telecom Holding (OTH) (Ticker: ORTE.CA, ORTEq.L, ORAT EY, OTLD LI), announces its first quarter 2012 consolidated results demonstrating a 15% YoY subscriber growth, a 1% YoY revenue growth and a 5% YoY increase in EBITDA. Highlights Total subscribers surpassed 82 million, an increase of 15% over the same period last year, after the exclusion of Alfa, Mobinil, koryolink and Powercom Ltd. subscribers for comparative purposes. Revenues reached US$ 899 million1, showing an organic* growth of 10% compared to 1Q 2011, as a result of strong organic GSM revenue growth of 10%. EBITDA reached US$ 433 million1, showing an organic growth of 10% compared to the same period last year, mainly driven by operational excellence and capital efficiency measures across the board, resulting in organic GSM EBITDA growth of 11%. Group EBITDA margin stood at 48.2%, an improvement of 1.7 p.p. compared to the same period last year. EBITDA margins for the major subsidiaries were: Djezzy 59.9%, Mobilink 42.2%, and banglalink 34.0%. Net Income before minority interest for the quarter stood at US$ 120 million, while profit from continuing operations improved by 83% compared to the same period last year, as a result of profitable growth coupled with operational excellence and capital efficiency strategies implemented during the last year.
    [Show full text]
  • Global Telecom Holding
    Global Telecom Holding View: Negative Tuesday, 3 July 2018 Valuation: EGP3.05 (36%) Egypt / Telecom Services / News Comment Stock chart and data VEON’s Acquisition of GTHE’s Pakistan & Volume (mn), Right GTHE EGX 30 Index Bangladesh Assets Is Negative for Minorities 50% 160.0 40% 140.0 Global Telecom Holding’s (GTHE) parent company VEON (NASDAQ: 30% 120.0 20% VEON) announced early this morning two major transactions, one 10% 100.0 involving the sale of its 50% stake in Wind Tre to CK Hutchison 0% 80.0 Holdings and another involving an offer to acquire GTHE’s assets in -10% 60.0 -20% 40.0 Pakistan (Jazz and its associated operations) and Bangladesh -30% -40% 20.0 (Banglalink). What really concerns us here is the second transaction -50% 0.0 which is for a gross consideration of USD2.55bn (in our opinion the two subsidiaries’ enterprise value, including debt), some 30% below our estimated enterprise value (EV) of USD3.67bn. In such a case, we Last Price (EGP) 4.80 think GTHE’s minority shareholders will once again end up with the 52 Week Range (EGP) 4.07 - 7.78 6M-ADVT (EGPmn) 68.91 short end of the stick! Market Cap (EGPmn) 22,661 No. of Shares O/S (mn) / Free float 4,721.1 / 43.2% • What’s the proposed deal? VEON, which owns 57.7% of GTHE, is back again, expressing its interest in GTHE—albeit indirectly this Financial summary time around. After seeing its mandatory tender offer of 100% of FY ended Dec. 2015 2016 2017 USDmn GTHE fail twice in the past five years (in 2013 and 2018), VEON (previously known as VimpelCom) has come up with another Revenues 2,894.4 2,955.5 3,014.7 YoY growth (13.3%) 2.1% 2.0% strategic move to fully own GTHE’s key assets.
    [Show full text]
  • Special Purpose VEONHOLD 2020
    Special purpose Consolidated financial statements VEON Holdings B.V. (a wholly-owned subsidiary of VEON Ltd.) As of and for the year ended December 31, 2020 1 Report of Independent Registered Public Accounting Firm To the Board of Directors and Shareholders of VEON Ltd. Opinions on the Financial Statements and Internal Control over Financial Reporting We have audited the accompanying consolidated statements of financial position of VEON Ltd. and its subsidiaries (the “Company”) as of December 31, 2020 and 2019, and the related consolidated income statement, statements of comprehensive income, of changes in equity and of cash flows for each of the three years in the period ended December 31, 2020, including the related notes (collectively referred to as the “consolidated financial statements”). We also have audited the Company’s internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2020 and 2019, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2020 in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.
    [Show full text]
  • Dr. Neuhaus Telekommunikation Mobile Network Code
    Dr. Neuhaus Telekommunikation Mobile Network Code The Mobile Country Code (MCC) is the fixed country identification. The Mobile Network Code (MNC) defines a GSM‐, UMTS‐, or Tetra radio network provider. This numbers will be allocates June 2011 autonomus from each country. Only in the alliance of bothscodes (MCC + MNC) the mobile radio network can be identified. All informations without guarantee Country MCC MNC Provider Operator APN User Name Password Abkhazia (Georgia) 289 67 Aquafon Aquafon Abkhazia (Georgia) 289 88 A-Mobile A-Mobile Afghanistan 412 01 AWCC Afghan Afghanistan 412 20 Roshan Telecom Afghanistan 412 40 Areeba MTN Afghanistan 412 50 Etisalat Etisalat Albania 276 01 AMC Albanian Albania 276 02 Vodafone Vodafone Twa guest guest Albania 276 03 Eagle Mobile Albania 276 04 Plus Communication Algeria 603 01 Mobilis ATM Algeria 603 02 Djezzy Orascom Algeria 603 03 Nedjma Wataniya Andorra 213 03 Mobiland Servei Angola 631 02 UNITEL UNITEL Anguilla (United Kingdom) 365 10 Weblinks Limited Anguilla (United Kingdom) 365 840 Cable & Antigua and Barbuda 344 30 APUA Antigua Antigua and Barbuda 344 920 Lime Cable Antigua and Barbuda 338 50 Digicel Antigua Argentina 722 10 Movistar Telefonica internet.gprs.unifon.com. wap wap ar internet.unifon Dr. Neuhaus Telekommunikation Mobile Network Code The Mobile Country Code (MCC) is the fixed country identification. The Mobile Network Code (MNC) defines a GSM‐, UMTS‐, or Tetra radio network provider. This numbers will be allocates June 2011 autonomus from each country. Only in the alliance of bothscodes (MCC + MNC) the mobile radio network can be identified. All informations without guarantee Country MCC MNC Provider Operator APN User Name Password Argentina 722 70 Movistar Telefonica internet.gprs.unifon.com.
    [Show full text]
  • Bot U10522 001.00.00.00 3
    ACE BOWNE OF TORONTO 01/30/2011 18:12 NO MARKS NEXT PCN: 002.00.00.00 -- Page is valid, no graphics BOT U10522 001.00.00.00 3 IMPORTANT NOTICE THIS OFFERING IS AVAILABLE ONLY TO INVESTORS WHO ARE EITHER (1) QIBS THAT ARE QPS (EACH AS DEFINED BELOW) OR (2) NON-U.S. PERSONS OR ADDRESSEES OUTSIDE OF THE U.S. IMPORTANT: You must read the following before continuing. The following applies to the prospectus supplement following this page (the “Prospectus Supplement”), and you are therefore advised to read this carefully before reading, accessing or making any other use of the Prospectus Supplement. In accessing the Prospectus Supplement, you agree to be bound by the following terms and conditions, including any modifications to them any time you receive any information from us as a result of such access. NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE ISSUER HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “INVESTMENT COMPANY ACT”) AND THE SECURITIES HAVE NOT BEEN, AND WILL NOT, BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE U.S. OR OTHER JURISDICTION AND THE SECURITIES MAY NOT BE OFFERED OR SOLD WITHIN THE U.S. OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT), EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE OR LOCAL SECURITIES LAWS AND WHICH DOES NOT REQUIRE THE ISSUER TO REGISTER UNDER THE INVESTMENT COMPANY ACT.
    [Show full text]
  • History Sheba Telecom(PVT Ltd)-After Talking Lots- Finally Was Granted License in 1989[6] to Operate in the Rural Areas of 199 Upazilas
    Banglalink (Bengali: বাংলািলংক), is the second largest cellular service provider inBangladesh after Grameenphone. As of April 2012, Banglalink has a subscriber base of 25 million.[3] It is a wholly owned subsidiary of Orascom Telecom. Banglalink had 1.03 million connections until December, 2005. The number of Banglalink users increased by 257 per cent[4] and stood at 3.64 million at the end of 2006, making it the fastest growing operator in the world of that year. In August, 2006, Banglalink became the first company to provide free incoming calls from BTTB for both postpaid and prepaid connections. On August 20, 2008, Banglalink got past the landmark of 10 million subscriber base.[5] History Sheba Telecom(PVT Ltd)-after talking lots- finally was granted license in 1989[6] to operate in the rural areas of 199 upazilas. Later it obtained GSM license in 1996 to extend its business to cellular mobile, radio telephone services. It launched operation in the last quarter of 1997 as a Bangladesh-Malaysia joint venture. Tigers' Den (banglalink's headquarters) atGulshan. In July, 2004, it was reported that Egypt based Orascom Telecom is set to purchase the Malaysian stakes in Sheba Telecom through a hush-hush deal, as Sheba had failed to tap the business potentials in Bangladesh mainly due to a chronic feud between its Malaysian and Bangladeshi partners. An agreement was reached with Orascom worth US$25 million was finalized in secret. The pact has been kept secret for legal reasons, considering financial fallout and because of the feud. The main reason for the undercover dealing was the joint venture agreement between the Bangladeshi and the Malaysian partners, which dictates that if any party sells its Sheba shares, the other party will enjoy the first right to buy that.
    [Show full text]
  • Weather Investments S
    Orascom Telecom Holding renamed to Global Telecom Holding Cairo/London, September 22, 2013: The company is pleased to announce that it has changed its name to “Global Telecom Holding S.A.E.”. The Egyptian Stock Exchange (“EGX”) and the London Stock Exchange (“LSE”) will amend the new name of the company, “Global Telecom Holding S.A.E.”, and amend the ticker symbol on the trading screens to “GTHE.CA” on the EGX and “GLTD:LI” on the LSE with effect from September 23, 2013. This gives effect to the decision of the shareholders at the Extraordinary General Assembly Meeting held on November 12, 2012. All references to the previous company name shall be substituted by the new name. The company was obliged to change its name as part of the WIND Telecom S.p.A. and VimpelCom Ltd. merger, under which the company and its subsidiaries were required to cease the use of the “Orascom” name, designs and logos. Ahmed Abou Doma, Group CEO of Global Telecom Holding S.A.E. commented: “Our new name and corporate identity are intended to provide a modern look and feel, and emphasize our specific strengths as an international telecom group. The Global Telecom Holding S.A.E. new corporate identity allows our group to leverage on the goodwill, the strong growth and outstanding performance of our parent company VimpelCom Ltd. and will provide our organization with a solid platform to build upon in our upcoming endeavors and growth potential in the telecom sector.” -END- About Global Telecom Holding: Global Telecom (“GTH”) is a leading international telecommunications company operating GSM networks in high growth markets in the Middle East, Africa and Asia, having a total population under license of approximately 459 million with an average mobile telephony penetration of approximately 53% as of June 30, 2013.
    [Show full text]