The Egyptian Company for Mobile Services – Mobinil said Wednesday it sold its entire stake in the Egyptian Company for Mobile Towers Services to a subsidiary of telecommunications tower firm Eaton Towers LTD.
The total value of the deal stands at EGP 1 billion, Mobinil announced in a bourse statement declaring selling its 99.99% stake.
The deal will be finalised after complying with a number of regulating conditions and securing the required license from Egypt’s National Telecom Regulatory Authority (NTRA).
Mobinil, Egypt’s second-largest mobile services provider, narrowed its consolidated losses by nearly 80.2% in the first quarter of 2015, as it suffered EGP 35 million in losses compared with EGP 177 million in the same period of 2014.
Mobinil is capitalised at EGP 1 billion, distributed across 100 million shares at EGP 10 par value each.