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Summary The French telecoms giant currently owns about 71 percent of Mobinil.
France Telecom-Orange has signed a preliminary agreement to buy most of Orascom Telecom Media and Technology Holdings stake in an Egyptian mobile provider they jointly own.The French telecoms giant currently owns about 71 percent of Mobinil, a holding company with a majority stake in the Egyptian Company for Mobile Services. Egypt-based Orascom owns the rest of Mobinil and another 20 percent direct stake in ECMS. Under the deal, its total stake in ECMS would drop to a 5 percent economic interest.ECMS, which is trades in Egypt under the Mobinil name, is Egypts largest mobile phone service provider by subscribers.In a statement Monday, France Telecom said that it had agreed to purchase Orascoms ECMS shares for 202.5 Egyptian pounds ($33) per share. The stock is currently trading close to 138 Egyptian pounds.
