Egypt’s Stock Exchange Suspends Trading on Mobinil, Orascom

Posted on April 19, 2012 10:14 am under Commodities & Currencies, International, Investing, Investors, Markets
Egypt Stock Exchange

VENTURES AFRICA – Egypt’s stock exchange has suspended trading on mobile operator, Mobinil and Orascom Telecom Media and Technology (OTMT) both owned by Egyptian Billionaire Naguib Sawiris.

 

Egypt’s bourse announced the sanctions on Thursday in a statement on request of the country’s regulator. Although no details were provided.

 

France Telecom has finalised a deal to buy most of its partner’s stake in Mobinil for 1.5 billion euros. Under the terms of the accord, France Telecom will buy most of the stake held by Naguib Sawiris’ holding company OTMT.

 

France Telecom’s bid to buy Sawiris’ biggest share in Mobinil was perceived to bring an end of the long-standing dispute between the company’s major shareholders.



According to Reuters report, Chairman of financial market regulator EFSA, Ashraf el-Sharqawy, said the deal is subject to regulatory approval in Egypt.


 


He also stated that the watchdog would give its response this week.


 






































































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Tags:Business in AfricaEgyptMobinilNaguib SawirisOrascom Telecom Media and Technology (OTMT)Telecommunication in africaVentures Africa






The Author

jefumare


jefumare

Douglas Imaralu is the Online Editor of Ventures Africa, a pan-African business magazine and news service, which also publishes a bi-monthly magazine that chronicles and profile the success stories of Africa’s greatest entrepreneurs and business leaders while providing the tools to ensure the success of Africans who are dedicated to the spirit of free enterprise. Douglas is also a poet and aspiring diplomat. Follow him on Twitter @jefumare






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http://www.sharetipsexpert.com/                Harrey Martin
            
        
    
        
    
            
    Informative article, on “Egypt’s Stock Exchange Suspends Trading on Mobinil, Orascom” we all need to get this kind of information about market.
    

    
        
    

    
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Latest comments on "Egypt’s Stock Exchange Suspends Trading on Mobinil, Orascom"


    
   
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		 Harrey Martin said on         March 19, 2013 [6:36 am]:         
    
      	  
    
	  
    Informative article, on “Egypt’s Stock Exchange Suspends Trading on Mobinil, Orascom” we all need to get this kind of information about market.
    

      
    
               
    
     
    
     
    
     
     
    

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