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.