Official source of the ministry of communications stated that the ministry is studying to add a special clause to the adjustments of communications law No. 10 of 2003.
The new clause will oblige mobile companies to have a local partner within their shareholders’ structure, and this adjustment will be presented to the parliament, so as to get the approval on it, the source also added that the current law has no such conditions for this regard.
The source said that Mobinil’s deal -which is expected to be finalized within the upcoming few days after acquiring the Financial Supervisory Authority – will not subject to this law adjustment, as the Egyptian government owns 45% at Vodafone Egypt – through Telecom Egypt-, as well as 20% at Etisalat Egypt – through Post Authority-.
To be mentioned that, Orascom Telecom Company “OT” has reached pre-agreement with France Telecom to sell 29% of Mobinil shares, as OT will maintain 30% of voting percentage of Mobinil Board of directors after this deal.
OT said that receiving 6 billion EGP was a part of selling Mobinil shares to France Telecom and the company –OT – will keep 5% as a direct shareholding at Mobinil, and it is expected that Mobinil shares stay listed in the Egyptian Stock Exchange.
The Ministry of Communications has enforced France Telecom to have a local partner, if its partner “Orascom Telecom” company decides to exist from Mobinil.
