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Monday, 5 December 2016

Sawiris resigns as OTMT’s CEO, company exits North Korean banking venture

Naguib resigns as CEO of OTMT: Naguib Sawiris has resigned as chief executive of Orascom Telecom Media and Technology (OTMT) and has nominated his deputy Tamer El Mahdy to take over effective 1 January, according to a company statement (pdf). The release offers no explanation for the move, but OTMT Director of Investor Relations Director Marwan Hussein told Al Borsa that Sawiris doesn’t have the time he needs to dedicate to OTMT. Naguib “will not leave the company and will have a governance role in the coming period,” Hussein added.

Former EFG Hermes CFO Khaled Ellaicy is OTMT’s new chief financial officer, the statement adds. Ellaicy is also a former partner at KPMG and was previously with Zain and Mobinil.

In other company news, OTMT announced yesterday that it would be terminating activities at ORABANK, an “indirectly majority-owned” banking venture in North Korea, due to US-imposed sanctions. In a release to the bourse, OTMT said the winding down of ORABANK will not impact its operations or financial position.

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