Naguib Sawiris, founder and ceo of OTMT has resigned and nominated his deputy Tamer El Mahdy to take over effective 1 January. A statement released by the company on the move did not give any justifications but sources close to Sawiris told local media that the business tycoon doesn’t have the time he needs to dedicate to OTMT.
The company announced this week it is terminating activities at ORABANK, which is 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.
Pharos seconds this opinion saying that while the effective stake in Orabank amounts to 95 per cent , the transfer of assets will have a minimal effect on OTMT’s financial statements. Pharos maintained the fair value of OTMT atLE 0.98 after the move.
OTMT’s share price has climbed 8 per cent last week, on speculations that a settlement agreement for Koryolink is close. Management did not indicate reaching any common grounds with the North Korean government for the time being.
