Egypt exchange temporarily suspends Mobinil trading

Reuters, Thursday 18 Aug 2011

Exchange caps trade a day after stocks in the mobile operator surged 10 per cent on speculation over changes in its shareholder structure

The Egyptian Exchange temporarily suspended trading in Mobinil shares at the start of Thursday's session, a day after the mobile phone company's stock surged 10 per cent on speculation over potential changes in its shareholder structure.

Telecoms magnate Naguib Sawiris, founder of Mobinil's Egyptian shareholder Orascom Telecom, told Reuters near the close of trading on Wednesday that he had no plan to sell shares in Mobinil, which made a net loss in the second quarter.

Mobinil's main shareholders are Orascom and France Telecom.

As of 12:20, trade had resumed with Mobinil shares up 2.54 per cent.

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