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Orascom shareholders approve Mobinil sale

Shareholders of Egypt’s Orascom Telecom Media & Technology Holding SAE have approved the sale of Mobinil telecom to France Telecom.

In a meeting this week, shareholders approved the sale of most of Orascom’s stake in Mobinil.

The deal is reported to be worth around USD1 billion.

OTMT will keep a 5 % stake in Mobinil, and maintain its 30% voting rights, along with board representation. France Telecom cannot buy 100% of the company in line with Egyptian law.

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