Mobinil Mulls EGX Delisting On FT-OTMT Deal: Sources

According to Al Mal newspaper, Yves Gauthier – CEO of Egyptian Company for Mobile Services – Mobinil – (EMOB.CA), has announced that major shareholder in the telco; France Telecom (FT) discussed delisting Mobinil from the Egyptian Exchange (EGX). Accordingly, the mobile operator has almost a year to adjust status, as per the terms set by the Egyptian Ministry of Communications and Information Technology (MCIT) for France Telecom to buy the stake of Orascom Telecom Media and Technology (OTMT.CA) in Mobinil.

Gauthier noted that Mobinil will start negotiations with Egyptian Financial Supervisory Authority (EFSA) to extend the status adjustment period.

Source: Al-Mal Magazine