CMA set to rule on FT’s MobiNil appeal on Tuesday

3 Aug 2009

According to Reuters, the Capital Market Authority (CMA), Egypt’s stock market regulator, will rule on an appeal by France Telecom (FT) related to the acquisition of all outstanding shares in Egyptian mobile operator MobiNil on 4 August. FT has appealed to the CMA in light of previous rejections of a EGP237 (USD42.93) per share offer for the direct stake in MobiNil it does not currently hold; that bid is significantly below the EGP273 that the regulator originally claimed the French company should pay. If FT’s appeal is successful it is believed that the sale could be completed within 24 hours of the ruling.