Orascom Telecom and its Russian parent Vimpelcom have agreed to provide one another with technical and commercial services. The two-year agreement allows for an up to 5 percent mark-up on the cost of the services, with a maximum USD 3.5 million per year payable by Orascom to Vimpelcom each year. Orascom also said it was changing its name to Global Telecom Holding after Vimpelcom took control of the Egyptian company last year. It also said it planned to take control of Globalive Investment Holding after changes to Canada's foreign ownership laws. This allows an increase in its voting stake in the Wind Canada holding company to 65.1 percent from 32.0 percent. The change requires the approval of Canadian investment authorities, expected by early next year. It will also see a restructuring of shareholder loans to the GIHC group and the cancellation of accrued interest of approximately CAD 450 million. All of the above changes will be subject to a vote at a shareholders meeting planned for November.
