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Egypt bourse suspends trading on OTMT, Mobinil

Egypt's Bourse suspends trading on Orascom Telecom Media and Technology (OTMT) and Mobinil pending a statement on Mobinil's fate

Reuters, Sunday 12 Feb 2012
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Shares in Orascom Telecom Media and Technology (OTMT) and Mobinil have been suspended pending issuance of a joint statement by Mobinil's shareholders, OTMT and France Telecom over Mobinil's fate, the bourse said on Sunday.

"The management of the Egyptian stock exchange has decided to continue suspending (OTMT's) shares as of Feb. 12 and until the company sends a joint statement with France Telecom regarding the future of Mobinil," the bourse statement said.

In a separate statement, the bourse added it had also suspended shares in Mobinil.

OTMT said last week it was in discussions with France Telecom over the future of their Egyptian cellphone venture Mobinil.

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