OTMT shareholders vote to sell Mobinil stake to France Telecom

2 Mar 2012

Shareholders of Orascom Telecom Media and Technology (OTMT) have voted in favour of selling the majority of the company’s stake in Egyptian cellco Mobinil to France Telecom (FT). The deal – which is expected to be worth around EGP6 billion (USD1 billion) – follows a non-binding offer made by FT in February. OTMT will keep a 5% stake in Mobinil and maintain 30% voting rights. The transaction is expected to be completed within a few weeks.

Egypt, Global Telecom Holding (GTH, formerly OTH), Orange Egypt, Orange Group