Orange mulls increasing Egyptian Stake in Mobinil – CEO

Orange SA’s acquisition of a bigger stake in Mobinil reflects its increasing confidence in the Egyptian economy, Yves Gauthier – CEO of Mobinil – announced on Monday.

Orange SA agreed with Orascom Telecom Media and Technology Holding (OTMT) to increase its stake in Mobinil for about €210 million.

The acquisition was part of previous contracts between shareholders, Gauthier added.

Mobinil CEO further noted that Orange group intends to study increasing the Egyptian stake in the company in the near future.