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Egypt to meet OT, France Tel. after ruling: paper - Daily News Egypt

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Egypt to meet OT, France Tel. after ruling: paper

CAIRO: Egypt will wait until after a court ruling due on Saturday to mediate between Orascom Telecom (OT) and France Telecom, which are fighting over control of mobile operator Mobinil, a newspaper said. Egypt s communications minister last month said he would host a meeting between the two firms in early February and that he …


CAIRO: Egypt will wait until after a court ruling due on Saturday to mediate between Orascom Telecom (OT) and France Telecom, which are fighting over control of mobile operator Mobinil, a newspaper said.

Egypt s communications minister last month said he would host a meeting between the two firms in early February and that he was worried the dispute could harm Mobinil s performance if it dragged on.

An administrative court is scheduled to issue a detailed ruling on February 13 regarding a bid by France Telecom to buy outstanding shares in the Egyptian Company for Mobile Services (ECMS), known by its Mobinil brand name.

The ruling is due one month after the same court turned down regulatory approval for the French firm s bid.

The decision (on the timing of the meeting) was taken after consultation with the two (firms), independent daily Al-Masry Al-Youm quoted an unnamed communications ministry source as saying.

Two ministry officials and an Orascom source said they were unable to comment.

Orascom Telecom and France Telecom jointly own a holding company that controls Mobinil – which holds the largest share of the Egyptian mobile market – while Orascom additionally holds a 20 percent direct stake in the firm.

Mobinil is due to issue fourth quarter earnings figures after the close of trade on Wednesday. -Reuters

Topics: FJP

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