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Mobile & Wireless

France Telecom to seek new Egyptian partner for Mobinil

Tuesday 14 April 2009 | 08:42 CET | News
France Telecom has again requested Orascom Telecom to comply with the arbitration award of the International Chamber of Commerce with respect to its acquisition of 28.75 percent of Mobinil and said that when the arbitration award is executed and discussions re-established with the Egyptian authorities, it will seek another Egyptian partner to pursue the growth of ECMS. ECMS is the 51 percent Mobinil subsidiary operating under the Mobinil brand. The French operator, which is increasing its stake in the parent company from 71.25 to 100 percent for EUR 530 million, called on Orascom to cease its media attack to re-establish a calm environment for constructive discussions with the Egyptian authorities. Whereas Orascom was seeking to extend until 15 April the deadline for transferring the shares, France Telecom is insisting that Orascom will have to pay a USD 50,000 daily penalty starting on 10 April until it removes the pledge of the shares to its creditor banks and completes the transfer. France Telecom said that once Orascom Telecom has complied with the arbitration award, the French group will re-establish discussions with the Egyptian authorities to make a fair offer to ECMS's minority and individual shareholders.

Categories: Mobile & Wireless
Companies: France Telecom / MobiNil / Orascom Telecom
Countries: Egypt
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