Within two weeks, the Egyptian Financial Supervisory Authority (EFSA) will be announcing its stance on France Telecom’s acquisition of Orascom Telecom (OTMT)’s stakes in Mobinil.
An EFSA official source mentioned that the authority will take its final decision on this deal within two weeks reporting a 70% success rate for the OTMT-France Telecom deal. The source added that the EFSA is currently reviewing the figures mentioned in the requisition memorandum of understanding submitted by the two companies.
A number of negotiations conducted on selling the OTMT’s stakes to France Telecom on the condition that Orascom would keep 5% of the management and stakes.
The source ruled out the possibility that the minority investors would be negatively affected in case of the completion of the deal. It noted that the EFSA is taking into consideration the minority investors’ interests.
Alex Shalaby, Mobinil Chairman, denied commenting on the acquisition deal stating that the deal is currently in the hands of EFSA till the issuance of its announcement.