Egypt’s Stock Exchange Suspends Trading on Mobinil, Orascom

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.