Egypt’s Mobinil Denies News On Investing EGP 2.5 Bln In 2013

The Egyptian Company for Mobile Services (Mobinil) (EMOB.CA) has denied news about planning to inject fresh investments in 2013 worth EGP 2.5 billion seeking to boost its network. The news claimed that Mobinil seeks to reinforce and upgrad its outstanding network along with extend its network coverage to other geographic areas.

In a release sent to the Egyptian Exchange (EGX) on Tuesday, Mobinil added that the company regularly assess the level and the norm of its investments, taking into consideration the developments in the Egyptian market witnesses. Accordingly, Mobinil is currently evaluating its volume of investments.

It is worth noting that Turkish Anadolu Agency had quoted on Monday Ashraf Halim, Vice President of Commercial Sector of Mobinil, as saying that the company will inject fresh investments in the local market this year at a total value of up to EGP 2.5 billion ($378 million).

Mobinil mulls doubling these investments upon obtaining an integrated license to be launched by the government this year, the top official noted.