Russian operator group Altimo has made a bid to acquire all shares in Egyptian counterpart Orascom Telecom Holding (OTH). The firm made an offer via the Egyptian Stock Exchange, and OTH said it learned about the offer through a notice published by Egypt’s Financial Supervisory Authority (EFSA).

Altimo has submitted an offer to purchase Orascom Telecom Holding outright – all 5.25 billion shares – through wholly owned subsidiary Baskindale Limited, which is based in Cyprus. It has bid at a price of $0.70 per share.

The potential acquisition has numerous implications.  Altimo already owns a 48 per cent stake in Amsterdam-headquartered operator group VimpelCom. VimpelCom, in turn, owns operator group Wind Telecom, which is the parent company of Orascom Telecom Holding.

VimpelCom acquired Orascom Telecom Holding from Egyptian billionaire Naguib Sawiris.

“Based on the EFSA Letter, OTH understands that EFSA is currently reviewing the tender offer application and has instructed the Egyptian Stock Exchange,” Orascom Telecom Holding said in a statement.