Mobinil shares suspended from Egyptian bourse

Orascom Telecom and France Telecom in talks to decide Mobinil's future
Orascom Telecom is in talks with France Telecom regarding the future of Mobinil.
Orascom Telecom is in talks with France Telecom regarding the future of Mobinil.


The Egyptian Stock Exchange has suspended shares in Orascom Telecom Media and Technology (OTMT) and Mobinil while it waits for a statement by Mobinil's shareholders, OTMT and France Telecom over Mobinil's future.

"The management of the Egyptian stock exchange has decided to continue suspending (OTMT's) shares as of Feb. 12 and until the company sends a joint statement with France Telecom regarding the future of Mobinil," the bourse statement said, according to a report from Reuters.

In a separate statement, Orascom Telecom and France Telecom said that they were involved in discussions concerning the future of their Egyptian joint venture, Mobinil, and that a statement would be issued ahead of the start of trading on Monday.

Last August, Naguib Sawiris, a major shareholder of Mobinil, said that he had no plans to sell shares in the telco, according to a report from Reuters.

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