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Wednesday, 20 November 2019

Orascom Telecom shares rise 4 percent after trading resumes

Orsacom Telecom's shares gained 4.4 percent on Monday session following announcement by Naguib Sawiris to sell his five percent stake

Reuters, Tuesday 30 Sep 2014
Sawiris Towers
Cairo's Sawiris Towers, home to the headquarters of Orascom Telecom (Photo: Reuters)
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Shares in Orascom Telecom Media and Technology Holding rose more than four percent after trading in the stock resumed at midday on Tuesday following a statement from the firm saying it had not taken any decision regarding a sale of its Mobinil stake.

In a TV interview broadcast on Monday evening, Orascom Chairman Naguib Sawiris had said he intended to sell his company's 5 percent stake in Mobinil.

The Egyptian stock market suspended trading of Orascom shares from the start of the trading session in Cairo on Tuesday. It said this was to allow the company to respond to inquiries, without giving further details.

It is not uncommon for the Egyptian bourse to suspend trading of a company's shares to inquire about information published in local media.

At 0947 GMT, Orascom shares were trading at 1.19 pounds, up 4.4 percent.

Mobinil is the brand name for the Egyptian Company for Mobile Services. France Telecom owns 94 percent of the company.

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