France Telecom loses third appeal in MobiNil stake case

9 Sep 2009

According to Reuters, France Telecom’s (FT’s) latest appeal against the rejection of its bid to buy the remaining shares it does not currently hold in Egyptian mobile operator Egyptian Company for Mobile Services (MobiNil) has failed. An independent appeal body has upheld the original ruling of the then financial regulator, the Capital Market Authority (CMA), although no reasoning behind the latest decision has been announced. Khaled Serry Seyam, deputy chairman of the Egyptian Financial Supervisory Authority (EFSA), which superseded the CMA in July this year, simply noted: ‘They have rejected the appeal and approved the Capital Market decision’. This is FT’s third appeal against a rejection of a bid for those shares in MobiNil held by minority stakeholders; the CMA has previously indicated that these offers were dismissed for being ‘unfair’ to stakeholders.