Egypt Independent

OTMT sells stake in Mobinil to Orange



Orange, formerly France Telecom, and Orascom Telecom Media and Technology Holding (OTMT) have declared reaching agreement on selling total shares and voting rights held directly or indirectly by OTMT in Egyptian Company for Mobile Services (ECMS), which operates under the name of Mobinil, to Orange.
 
The deal will be carried out through Orange’s call option under the shareholders agreement, which was signed in April 2012. It states the transfer of OTMT’s 5 percent shareholding in ECMS as well as 28.75 percent of the voting rights in MT Telecom to Orange. The value of the deal is estimated at 209.6 million euros.