Egyptian mobile network operator MobiNil has officially adopted the brand name of its parent company Orange Group. With the operator to be known as Orange Egypt from here on out, the rebranding comes a year after the French telecoms giant completed its 99% buyout of the Egyptian cellco.
Meanwhile, domestic news source Ahram Online writes that Orange intends to invest around EGP2.5 billion (USD318 million) this year to upgrade its networks and improve the range and quality of the services it offers. Further, Orange Group CEO and chairman Stephane Richard was cited as saying that to finance such investment the company is planning a capital increase that could take place within ‘a few months’ time’; it is understood that the French group will offer roughly 20% of Orange Egypt shares to shareholders via an initial public offer (IPO).
With regards to specifics of its investment plans, Mr Richard was cited as saying that the company plans to spend heavily on mobile broadband, while he also confirmed that it does intend to bid for a 4G licence, on the basis that it is offered ‘within a viable framework’, saying: ‘Of course we hope that the financial and technical conditions of the licence and the spectrum will take into account the economic reality of the industry and the big investment that is needed after the spectrum.’