Orascom Telecom Media and Technology has confirmed it is in talks with France Telecom over the future of their Egyptian joint venture Mobinil, Reuters reports. The Egyptian firm said a decision was expected to come after a 13 February meeting between the companies. France Telecom is the biggest shareholder in Mobinil and the second biggest is the family of Egyptian businessman Naguib Sawiris, who has a put option to sell his holding in Mobinil to the French company. The Egyptian mobile network is owned by a holding company called ECMS, which is in turn 29 percent listed on the stock exchange, 20 percent owned by Orascom Telecom and the remaining 51 percent owned by another holding company called Mobinil. Following a legal dispute that was settled in 2009, the holding company is wholly owned by France Telecom, giving it 51 percent of the company and effective control of the mobile network. If the put option is exercised, France Telecom could increase its stake to 71 percent. The Egyptian Stock Exchange suspended trading in shares of Orascom Telecom Media and Technology and Mobinil while it waits for a statement by Mobinil's shareholders.
