Egyptian Financial Supervisory Authority (EFSA) has approved tender offer submitted by MT Telecom SCRL to acquire up to 100.0000.000 shares representing 100 % of Egyptian Company for Mobile Services (Mobinil) – (EMOB.CA) at LE 202.5 per share.
EFSA requested France Telecom to follow Article (8) of Capital Market Law No. 95 of 1992 before signing the deal in the EGX.
EFSA also gave a list of technical requirements the companies must fulfill, such as publishing full details of the tender offer within two days.
France Telecom (FTE) had reached last Thursday an agreement to buy the stakes of one of the largest telecom operators in Egypt, Mobinil. France Telecom, which already holds approximately 71.25% of Mobinil, plans to raise its holding up to 95% through buying the share holdings of Orascom Telecom Holding S.A.E., the other holding company of Mobinil.
France Telecom is planning to spend approximately €1.5 billion ($1.97 billion) on bidding for most of shares from Orascom Telecom’s owner, Naguib Sawiris, and other minority shareholders.
As per the agreement, France Telecom will pay 202.5 Egyptian pounds (approximately $33.5) for each share of Mobinil owned by Sawiris’ Orascom Telecom. Following this, France Telecom will then offer the same to the minority shareholders of the Egyptian Company for Mobile Services (“ECMS”), which is the listed (Egypt Stock Exchange) part of Mobinil.
Accordingly, trading will be resumed on Orascom Telecom Media And Technology Holding – (OTMT) and Mobinil shares Monday 23/04/2012.