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Egypt climbs on optimism for Mobinil deal

By Reuters CAIRO: Egypt’s main index edged higher, lifted by property stocks as local investors bet on a flood of liquidity when Orascom Telecom Media and Technology completes its planned sale of Mobinil, traders said. Stocks rebound from a sell-off earlier in the session when institutions and foreign investors unloaded shares, apparently after a senior …

DNE

OTMT says Mobinil talks to finish in weeks

By Patrick Werr / Reuters CAIRO: Egypt’s Orascom Telecom Media Technology (OTMT) said on Wednesday it hoped to wrap up negotiations within a few weeks with France Telecom over the sale of most of its stake in Egyptian mobile operator Mobinil. Under the terms of a preliminary accord signed last week, France Telecom would buy the …

DNE

UBS cuts Mobinil to neutral

LONDON: UBS downgraded Mobinil to "neutral" from "buy" citing fears of a potential delay in a deal by France Telecom to buy Egyptian tycoon Naguib Sawiris’ stake in the country’s largest mobile phone operator. On Feb. 13, France Telecom said it had reached a preliminary accord to buy out most of Sawiris’ stake in Mobinil …

DNE

Mobinil says Q4 net loss $29 million

CAIRO: Egyptian mobile firm Mobinil said on Monday it posted a net loss in the fourth quarter of 2011 of LE 177 million ($29.32 million). The firm had posted a net income of LE 342 million in the same quarter of 2010, it said in a statement. Mobinil said revenue in the fourth quarter of …

DNE

Egypt’s OTMT to pay dividend from Mobinil proceeds

CAIRO: Egypt’s Orascom Telecom Media Technology (OTMT) said on Monday it would give shareholders much of the $1 billion it stands to gain by selling its stake in Mobinil and keep part of it for new business opportunities. OTMT said earlier it had reached a preliminary accord to sell most of its stake in the …

DNE

Egypt bourse asks OTMT for details on Mobinil deal

CAIRO: Egypt’s stock exchange has asked Orascom Telecom Media and Technology for more details on a deal for France Telecom to buy out most of OTMT’s stake in jointly telecom operator Mobinil, it said in a statement on Tuesday. Under the terms of the accord, France Telecom will buy the stake held by Egyptian tycoon …

DNE

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