Cairo – Mubasher: The stock of Orascom Telecom, Media and Technology Holding (OTMT) saw its second biggest decline in one day in 2016, after the company announced the resignation of the CEO and Egyptian billionaire businessman Naguib Sawiris.
The stock dropped 9.89% and closed Monday’s trading session at EGP 0.82.
Today, Orascom Telecom was the most active in both traded values and volumes in the Egyptian Exchange (EGX), with 204.5 million shares and a total turnover of EGP 175.65 million.
The stock saw its biggest drop this year on 14 January, when it went down by 10% and closed at EGP 0.54.
OTMT did not reveal the reasons for the resignation, saying that Sawiris will continue serving in his position until a new CEO is appointed and registered.
Naguib Sawiris nominated deputy CEO, Tamer El-Mahdy, for the position, according to the company’s statement.
Earlier, OTMT said its sister company Koryolink will continue its telecom business in North Korea, while respecting the sanctions imposed by The Office of Foreign Assets Control (OFAC).
Koryolink became a sister company to OTMT instead of being subsidiary, in accordance to the Egyptian Accounting Standards (EAS) and the International Financial Reporting Standards (IFRS).
