Orascom, France Telecom hold talks over Mobinil: Source

Reuters, Thursday 9 Feb 2012

Speculation over change in Mobinil ownership follows the sale of the firm's Egyptian parent company to a Russian telecoms giant last year

Photo: Reuters

Orascom Telecom Media and Technology is in discussions with France Telecom over the future of their Egyptian cellphone venture Mobinil, a person who said he was familiar with the talks told Reuters.

Speculation of a possible change in Mobinil's ownership has re-emerged since the firm's Egyptian parent company sold most of its assets to Russia's Vimpelcom last year.
France Telecom controls 71.25 per cent of Mobinil.
Orascom's minority stake in Mobinil was hived off last month into a new company controlled by the family of Egyptian businessman Naguib Sawiris, which had a put option to sell its stake to the French company at a pre-agreed price.
"There are ongoing discussions with France Telecom to discuss future relations after the demerger and the change of ownership," the person said on condition of anonymity.
France Telecom was raising "new issues" in regard to a delay in last month's demerger of Mobinil and the new ownership structure, the person said.
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