Egypt’s second-largest mobile services provider, Mobinil has contacted the country’s telecom regulator to obtain approval of its sale of 2000 cellular towers, managing director and CEO Yves Gauthier confirmed on Saturday.
This comes after some reports claiming to cite the country’s telecom regulator, the National Telecommunication Regulatory Authority (NTRA) chief Hesham El Alaily as saying Mobinil had not taken the authority’s approval of the deal.
Speaking to Amwal Al Ghad on Saturday, Gauthier stated that the deal contract, which was at value of 1 billion Egyptian pounds (US$131 million), with Eaton, the buying company, includes a condition to have NTRA’s approval.
Furthermore, Mobinil’s CEO said the one billion pounds generated from the sale deal with Eaton would be used to reduce Mobinil’s debts amounting to 8 billion pounds, which represented one of the main reasons behind the company’s losses during the past period.
On April 29th, Mobinil announced it sold its entire stake in the Egyptian Company for Mobile Towers Services to a subsidiary of telecommunications tower firm Eaton Towers LTD.
