CAIRO, February 12, 2012 (AFP)
CAIRO, February 12, 2012 (AFP)
Egyptian mobile phone services company, Orascom, said Sunday it was holding advanced talks with France Telecom over the future of mobile operator Mobinil.
Orascom and FT will make a joint statement ahead of trading on the Egyptian stock exchange on Monday, it said.
France Telecom controls 71.25 percent of Mobinil and has been seeking to expand its control over the Egyptian mobile phone provider.
In April 2010 an Egyptian administrative court ruled against a France Telecom bid to take over Mobinil, cancelling a previous decision by the market regulator.
France Telecom had won permission to buy Mobinil shares for 245 pounds (45.05 dollars) each, starting in December 2010, after the regulator turned down three previous lower bids.
Naguib Sawiris, head of Orascom Telecom and one of Egypt’s most successful businessmen, is currently on trial for insulting religion after tweeting a cartoon of Mickey Mouse with a beard and Minnie Mouse in a face veil, in reference to the rise of Islamists in post-revolution Egypt.
