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."