Altimo subsidiary offers to buy Orascom Telecom

The Egyptian Exchange said on Sunday a subsidiary of Russian billionaire Mikhail Fridman's Altimo had offered to buy 100 percent of Egypt's Orascom Telecom .

The offer from a Cyprus-based firm owned by Altimo is at a price of US$0.70 per share, the statement said.

"The authority is currently studying the announced offer," the Egyptian Financial Supervisory Authority said in a statement.

Cairo-based Orascom Telecom is controlled by Russia's Vimpelcom. Altimo owns 47.85 percent of Vimpelcom.

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