They think...I will get fed up and sell. It's not in my character: Naguib Sawiris

Reuters, Wednesday 17 Aug 2011

Mobinil shareholder Naguib Sawiris says he is not planning to sell his stake in Mobinil amid mounting pressure on the telecom giant's share value following the boycott campaign launched against the mobile provider

Naguib Sawiris

Egyptian telecoms magnate Naguib Sawiris said on Wednesday that he had no plans to sell his shares in Mobinil, a joint mobile phone venture with France Telecom.

Mobinil shares reached their lowest since 2004 this month after the company reported a second-quarter loss in the wake of Egypt's popular uprising. The stock surged 10 per cent on Wednesday, with traders citing talk of a possible change in Mobinil's shareholder structure.

The company has seen some customers cancel subscriptions in protest at a cartoon posted by Sawiris on his Twitter account which some considered offensive to Islam.

"I can only say that there is nothing -- that it is just not going to happen," Sawiris told Reuters when asked by telephone whether he might sell his shares. "They think because of this boycott that I will get fed up and sell. It's not in my character."

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