Sawiris to divest MobiNil stake

1 Oct 2014

Egyptian billionaire Naguib Sawiris has announced plans to sell off the 5% stake he holds in mobile network operator Egyptian Company for Mobile Services (ECMS, operating as MobiNil) via Orascom Telecom Media & Technology Holding (OTMT). According to Ahram Online, the executive cited poor internal management of the cellco by its French majority shareholder, Orange Group, as the main reason for selling. When asked if rumours that he was to divest his holding in MobiNil were true, with reference to Orange Group’s management of the Egyptian operator he was cited as saying: ‘But of course; they ruined the company … Very big companies tend to be like public sector companies.’

As noted in TeleGeography’s GlobalComms Database, following the resolution of a protracted shareholder dispute between Orange Group and Egypt’s Orascom Telecom Holding (OTH, now Global Telecom Holding), MobiNil is 93.92% owned by MT Telecom, itself a wholly-owned unit of Orange Group via its Atlas Services Belgium holding company. Alongside the 5% stake held by OTMT the remaining 1.08% is in the hands of the public.

Egypt, Orange Egypt, Orascom Investment Holding (formerly OTMT)