In a shareholder meeting the owners of OTMT have approved the sale of Egyptian Mobinil to France Telecom (FT).
FT and OTMT recently signed a non-binding MoU about a partial sale of OTMT’s shareholding in Mobinil, also known as ECMS, to the French…
In a shareholder meeting the owners of OTMT have approved the sale of Egyptian Mobinil to France Telecom (FT).
FT and OTMT recently signed a non-binding MoU about a partial sale of OTMT’s shareholding in Mobinil, also known as ECMS, to the French incumbent.
If the transaction is successful, FT intends to launch a tender offer for Mobinil’s free float.
Mobinil is currently 36.33%-owned by FT and 34.67% by Naguib Sawiris’s OTMT. The remaining 29% is free float.
FT will pay E£202.5 (US$33.6) per ECMS share, and the tender offer for the shares in free float will be at that same price.
OTMT is expected to retain a 5% stake in ECMS.
OTMT expects to receive proceeds worth E£6bn (US$995m) from the sale of the stake.