0
Mobile & Wireless

France Telecom, Orascom reach agreement on Mobinil

Thursday 15 April 2010 | 09:02 CET | News
France Telecom and Orascom Telecom have reached a new and comprehensive agreement on the shareholding of Egyptian Company for Mobile Services (ECMS) and Mobinil, brokered with the help of the Egyptian government. The shareholder structure will not change, but ISP Linkdotnet, previously wholly owned by Orascom, will be merged into ECMS. Under the outlined agreement, France Telecom and Orascom Telecom will hold 71.25 percent and 28.75 percent of Mobinil, respectively. Mobinil and Orascom Telecom will each own 51 percent and 20 percent of ECMS. The remaining 29 percent of ECMS will be in free float. The deal due to be finalised over the coming weeks is intended to end all disputes in relation to the operators' joint investment in Mobinil. As a result of the amended shareholder agreement, France Telecom will change its accounting method and will fully consolidate ECMS (rather than through proportional integration as in 2009 and before). The amended shareholder agreement will also give Orascom Telecom operational rights commensurate with its co-owner and strategic partner position, in addition to protection and liquidity rights. Going forward, Orascom Telecom will consolidate its participation in ECMS through the equity method. France Telecom CEO Stephane Richard expressed satisfaction at reaching agreement with an entrepreneur such as Naguib Sawiris. He stated that the Egyptian market was very important for France Telecom and that the group would continue to invest and contribute its know-how in the years to come, including maintaining a strong R&D and Orange Business Services presence in the country.

Categories: Internet / Mobile & Wireless
Companies: France Telecom / LinkDotNet / MobiNil / Orange / Orascom Telecom
Countries: Egypt
::: add a comment

Add comment

We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the Telecompaper website, they in no way represent the opinion of Telecompaper.






109%
French mobile penetration
France  |  2014 Q1

Calendar   /   Industry Events

25 Jul Orange Poland Q2 2014
25 Jul BSkyB fiscal Q4
25 Jul NTT Docomo fiscal Q1
25 Jul Vodafone Q1 FY2014/15
28 Jul Gigoptix Q2 2014
28 Jul Meru Networks Q2 2014
28 Jul Sohu.com Q2 2014
28 Jul Ceragon Networks Q2 2014
28 Jul EE Q2 2014
29 Jul Internap Q2 2014
29 Jul Level 3 Q2 2014
29 Jul AudioCodes Q2 2014
29 Jul Calix Q2 2014
29 Jul Digital Realty Q2 2014
29 Jul Orange Q2 2014
30 Jul KPN Q2 2014
30 Jul Telefonica Deutschland Q2 2014
30 Jul Sonus Networks Q2 2014
30 Jul Akamai Q2 2014
30 Jul Ruckus Wireless Q2 2014
30 Jul Equinix Q2 2014
30 Jul Entropic Q2 2014
30 Jul Hrvatski Telekom Q2 2014
30 Jul Sprint fiscal Q1
30 Jul MobileIron Q2 2014
30 Jul Rovi Q2 2014
31 Jul Samsung Electronics Q2 2014
31 Jul HTC Q2 2014
31 Jul Sierra Wireless Q2 2014
31 Jul MediaTek Q2 2014
::: More Calendar Items