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.






Vodafone spends most on mobile phone advertisements (30% of gross spendings)
Netherlands  |  2014 Q1, Q2, Q3

Calendar   /   Industry Events

27 Oct Twitter Q3 2014
27 Oct Meru Networks Q3 2014
27 Oct Net Insight Q3 2014
27 Oct PMC-Sierra Q3 2014
27 Oct Ooredoo Q3 2014
27 Oct Telecoms Social Network Summit
28 Oct KPN Q3 2014
28 Oct Grameenphone Q3 2014
28 Oct Digital Realty Q3 2014
28 Oct Harris Corporation Q1 2014/25
28 Oct Telio Q3 2014
28 Oct Extreme Networks fiscal Q1
28 Oct T-Mobile US Q3 2014
28 Oct Facebook Q3 2014
28 Oct Internap Q3 2014
28 Oct Synchronoss Q3 2014
28 Oct Inphi Q3 2014
28 Oct Extreme Networks Q3 2014
28 Oct AppliedMicro Q3 2014
28 Oct WIFI World Summit
28 Oct Powering the Cloud
28 Oct Rich Communication 2014
29 Oct Telenor Q3 2014
29 Oct STMicroelectronics Q3 2014
29 Oct Glu Mobile Q3 2014
29 Oct JDSU Q3 2014
29 Oct Arris Q3 2014
29 Oct Peregrine Semiconductor Q3 2014
29 Oct TE Connectivity Q3 2014
29 Oct Myanmar Mobile Services
::: More Calendar Items