The Egyptian Government has brokered a deal between France Telecom and Egyptian entrepreneur Naguib Sawiris’ operator Orascom Telecom that will see the two firms remain partners in leading Egyptian carrier EMCS, which operates under the brand Mobinil
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).
France Telecom has agreed to buy the majority of the personal stake owned by Egyptian billionaire Naguib Sawiris in Mobinil. Sawiris is executive chairman of Orascom Telecom, which maintains a stake in the mobile operator.
Egypt’s financial regulator has granted approval for the purchase of the stake it doesn’t already own in the country’s leading carrier Mobinil by France Telecom’s Orange. For some time the deal has been the subject of a spat between France Telecom and Mobinil’s other principal shareholder, Egyptian player Orascom Telecom.
Egyptian carrier Orascom Telecom announced a shake up of its leadership team, promoting chief operating officer Khaled Bichara to the position of group chief executive officer.
Egyptian carrier Orascom Telecom said Sunday that it has dropped court proceedings against France Telecom over the long running spat involving Egyptian mobile operator Mobinil.
European carrier France Telecom said Sunday that it has secured commitments from minority shareholders to acquire yet more of leading Egyptian mobile operator Mobinil.
Egyptian carrier Orascom Telecom has rejected yet again an offer from France Telecom to buy out minority shareholders in leading Egyptian mobile operator Mobinil.
The struggle for control of Egyptian mobile carrier Mobinil became more heated over the weekend after Orascom failed to transfer its holding in the company to France Telecom.
France Telecom has taken full control of Egyptian mobile carrier Mobinil, after settling a lengthy legal dispute with local operator Orascom Telecom and shelling out Eur530m for Orascom’s holding in Mobinil.