Egypt’s Mobinil Eyes New Share Listing To Meet Ownership Rules

Egyptian cellphone operator the Egyptian Company For Mobile Services  – Mobinil (EMOB.CA) would prefer to list more shares on Cairo’s stock exchange to meet new ownership rules than sell a bigger stake to a local company, its CEO said on Monday.

France Telecom owns 94 percent of Mobinil, Orascom Telecom Media and Technology Holding (OTMT.CA) owns 5 percent, and only the remaining 1 percent is listed on the exchange, Mobinil’s website said.

“We seek to raise our shares in Egypt to 15 percent and we have three steps to do that, another strategic partner, go to the stock market, or do both,” CEO Yves Gauthier said.

“The most favourable option is to go to the stock market.”

Asked when the company would do that, he said: “This depends on the economic situation in the country which is not very good … or stable now.” The new rules were passed in 2012.

Gauthier also said the company would raise prices if new taxes were imposed, so that the company could meet its cash flow and salary demands.