Cairo - Mubasher: The stocks of Orascom Telecom Media and Technology (OTMT)lost 2.94% to EGP 0.66 on the Egyptian Exchange(EGX) in Sunday's late trade.
Earlier, OTMT dismissed the nationalization of its 75% owned subsidiary Cheo Technology JV (koryolink).
The company stated in a bourse statement, that it is still running negotiations with the Korean side, while the firm's staff is still operating normally.
A week before, OTMT said it adopted a revised accounting treatment regarding koryolink. The accounting treatment entails the de-consolidation of koryolink from the consolidated financial statements to remain as an Associate instead of being a Subsidiary.
As disclosed in OTMT’s H1, 2015 financial statements, OTMT and the Korea Post and Telecommunications Corporation (KPTC) have been in discussions regarding the merger of Koryolink with the state-owned mobile operator.
OTMT reported EGP 3 billion in losses for the first nine months of 2015, compared with EGP 603 million a year earlier.
