The Egyptian Stock Exchange has requested Orascom Telecom Media and Technology (OTMT) to provide more information on the MoU signed with France Telecom for the sale of OTMT’s stake in mobile operator Mobinil, according to reports.
Yesterday, OTMT,…
The Egyptian Stock Exchange has requested Orascom Telecom Media and Technology (OTMT) to provide more information on the MoU signed with France Telecom for the sale of OTMT’s stake in mobile operator Mobinil, according to reports.
Yesterday, OTMT, which is controlled by Egyptian businessman Naguib Sawiris, said it had agreed sell most of its stake in Mobinil to FT for E£202.5 (US$33.6) per share.
A successful transaction between the two key shareholders would be followed by a tender offer for all outstanding shares.
Mobinil is currently 36.33%-owned by FT and 34.67% by OTMT. The remaining 29% is in free float.
In today’s request, the stock exchange reportedly asked why OTMT rejected a previous offer from the French incumbent although it was made at a higher price per share.
Reuters noted that this offer was submitted before OTMT was demerged from Orascom Telecom at the end of last year.
