Orascom Telecom Media and Technology announced on Sunday that it was in talks with France telecom about a change of ownership for its Egyptian JV Mobinil.
Orascom has said that a decision is expected after a meeting today between the two companies. The company’s shares have been suspended at the Egyptian stock exchange, and will remain so until a joint statement is issued on the future of Mobinil.
Mobinil is part of France Telecom’s effort to create a footprint in high growth emerging markets, as it faces tough competition in its home market. The company owns a 71.25% controlling stake in Mobinil Telecoms SAE.