Mobinil Rebuts Orange’s Plans to Divest Stake

Egyptian Company for Mobile Services (Mobinil) – (EMOB.CA) denied media reports about Orange SA’s plans to divest of its stake in Mobinil.

Mobinil’s ownership structure is distributed as 1.08% for stock exchange free trade, 5% for Orascom Telecommunication and 94% for Orange French Company.

In this respect, Mobinil CEO Yves Gouthier said Orange was not considering selling its stake in Mobinil on the back of losses which achieved by the company in the last 2 years, asserting the French company’s continuation to invest in the local market.

In a statements to Amwal Al Ghad,  Gouthier explained that the owner company of Mobinil sees the Egyptian market as the most growing market describing it as ‘promising’.

It is expected that Egypt will witness a remarkable growth in economic terms by the end of the current year, he added.