Egypt’s Orascom Telecom is planning to change its name to Global Telecom Holding S.A.E. and take control of the parent company of its Canadian investments.
The company announced the plans following a Board of Directors meeting held on Friday.
As a part of the VimpelCom acquisition and demerger, Orascom Telecom and its subsidiaries are required to cease using the Orascom name, designs and logos before the end of 2012.
On the subject of its Canadian assets, the company said it plans to take control of Globalive Investment Holding Corp (GIHC), the parent company of WIND Canada and Globalive Canada, subject to approval from the Canadian investment authorities.
Both decisions will be presented to the company’s shareholders for approval at an Ordinary General Assembly and Extraordinary General Assembly, which is expected to take place in November.