Orascom Telecom Media and Technology (OTMT), the company controlled by Egyptian businessman Naguib Sawiris, and France Telecom are currently in talks over their Egyptian mobile JV Mobinil, Reuters reported citing a person close to the matter.
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Orascom Telecom Media and Technology (OTMT), the company controlled by Egyptian businessman Naguib Sawiris, and France Telecom are currently in talks over their Egyptian mobile JV Mobinil, Reuters reported citing a person close to the matter.
It is suggested that Mobinil’s ownership, which is currently split between FT (71.25%) and OTMT (28.75%), might change.
This would come less than a year after Wind Telecom, which holds a majority stake in Orascom Telecom Holding (OTH), and Russia’s VimpelCom merged their operations.
OTH and OTMT subsequently demerged their operations and the stake in Mobinil was transferred to OTMT.
OTMT has reportedly put an option to sell its stake in the Egyptian mobile operator to France Telecom at a pre-agreed price.
But Mobinil was quoted saying in a stock exchange notice that it had no information on reports suggesting that talks about its future are ongoing.
Meanwhile, Sawiris is reportedly considering investments in various countries including Libya, North Korea, Austria, and Switzerland.
In a recent media interview Sawiris explained that OTMT would be used to buy established mobile phone businesses as well as network licences.
