Wednesday, April 11, 2012

France Telecom Bids to Acquire Remaining Shares in Egypt's MobiNil

France Telecom-Orange has submitted a bid to acquire most of the remaining shares in MobiNil for Telecommunications, the Egyptian mobile operator.

St├ęphane Richard, Chairman and CEO of France Telecom-Orange said: “We believe this transaction provides a solid basis for our continued partnership with OTMT in ECMS. Furthermore, we believe that our EUR 1.5 billion investment demonstrates our continued, strong commitment and belief in ECMS's potential and in the Egyptian economy in general. To further enhance ECMS's integration in the Egyptian economy, France Telecom-Orange intends to ensure that, if the conditions allow it, up to 15% of ECMS’s shares are held by Egyptian shareholders, whether these are private or public companies, or individual shareholders.�?

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