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FINANCIAL NEWS
Egyptian court delays ruling in Mobinil case
28 Mar 2010
(MENAFN) An Egyptian court said that it will make a final ruling on April 10 on an earlier decision to block regulator approval of a France Telecom bid for outright control of Mobinil, the country’s largest mobile operator by subscribers.
The court had issued an initial ruling in favor of Egypt’s Orascom Telecom in December, blocking a share offer that would have cost the French firm $2.9 billion if all shareholders agreed to sell. This delay was the third since that ruling.
France Telecom and other major shareholder Orascom Telecom are fighting a protracted legal battle over ownership of the Egyptian Company for Mobile Services (ECMS), known by its Mobinil brand name.
The two firms jointly own the holding company that controls the firm, while Orascom also holds a 20 percent direct stake.
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