MCIT calls on FT-Orange to ensure 15% of MobiNil stock is publicly traded

15 Nov 2012

Egypt’s Ministry of Communications & Information Technology (MCIT) has reportedly directed France Telecom-Orange (FT-Orange) to ensure that 15% of the shares in local mobile network operator MobiNil are publicly traded or owned by Egyptian investors. According to Ahram Online, MobiNil issued a statement to the local stock exchange earlier this week confirming the regulator’s order, which also claimed that FT-Orange is ‘currently studying all options available to accommodate the ministry’s request’.

As noted in TeleGeography’s GlobalComms Database, following the resolution of a contracted shareholder dispute between Orascom Telecom Media and Technology Holding (OTMT) and FT-Orange earlier this year, Egyptian Company for Mobile Services (ECMS, operating as MobiNil) is 93.92% owned by MT Telecom, itself a wholly-owned unit of FT-Orange. A 5% stake, meanwhile, is still held by OTMT, while the remainder (1.08%) is in the hands of the public.

Egypt, Orange Egypt, Orange Group