OTMT says it expects to close MobiNil stake sale in the coming weeks

24 Feb 2012

Egypt’s Orascom Telecom Media and Technology Holding (OTMT) has reportedly said that it expects to conclude negotiations with France Telecom-Orange (FT) regarding the sale of most of its shares in Egyptian cellco MobiNil within a few weeks. According to Reuters, with OTMT having previously reached a preliminary agreement with FT last week for all but 5% of its holding in MobiNil – under which the French company would pay EGP202.5 (USD33.4) per share – it is understood that OTMT is now negotiating a put option mechanism for the remaining 5% holding, which would be exercisable between 2015 and 2017. ‘OTMT is optimistic that the negotiations will be completed and the transactions be launched in the coming few weeks,’ the company was cited as saying.