CAIRO: Alex Shalabi, Managing Director and CEO of Mobinil, ruled out that the largest mobile phone service provider in Egypt would offer additional stocks to investors in the Cairo & Alexandria Stock Exchange anytime soon.
He said that Mobinil is not prepared to offer additional shares to the currently free floating shares which represent 20 percent of the company. However, he said that such a proposal may be discussed during Mobinil’s upcoming general meeting in December.
Industry officials and stock market analysts say Mobinil will probably float additional shares in the stock market take bank loans to obtain a 3G license, valued in Egypt at LE 3.3 billion.
Mobinil launched in 1998 with a capital of LE 1 billion. Its eight million subscribers account for 52 percent of the market.