The Egyptian Company for Mobile Services – Mobinil – (EMOB.CA) sent a reply today to the Egyptian Exchange (EGX)’s inquiries as regards the news that France Telecom (FT) plans to transfer 15% of Mobinil shares to local investors via the bourse trading.
Mobinil stated that, as regards the mandatory takeover bid submitted by MTN Telecom SLR for 100% of the firm’s shares, the Ministry of Communications and Information Technology (MCIT) requested from MT, the owner of 93.5% of Mobinil shares to guarantee, within defined time period and certain terms, that the shareholding of the Egyptian side, or the free float in the Mobinil must not be less than 15% of the company’s shares.
In a filing posted today, Mobinil said , according to available data, MT Telecom is still studying with its advisors all available options and procedures to comply with the above-stated request.
Accordingly, EGX administration decided to resume trading on Mobinil’s stock as of today, Monday, November 12, 2012, at 11:45 a.m. (09:45 GMT).
