Egypt's Mobinil , part owned by telecoms tycoon Naguib Sawiris, said on Wednesday it had no knowledge of any proposal by France Telecom to swap its shares in a Swiss telecoms company for the stake held by Sawiris in the Egyptian operator.

France Telecom, which already has a stake in Mobinil, is selling Orange Switzerland. Sources have said Sawiris is among parties weighing a possible offer for the Swiss business, alongside some private equity firms.

The Financial Times, citing a source close to the process, said on its website that the French firm might consider swapping stakes in the Egyptian and Swiss businesses if Sawiris agreed.

The report said France Telecom would likely be keen to take over the Egyptian business for a rebranding under Orange.

"Mobinil did not receive any notification from either party on that report and it does not have any information in this regard," Mobinil said in a statement.