By Ramy Sameeh:
Cairo-Mubasher Exclusive: Sherif Halim, head of commercial sector at the Egyptian Company for Mobile Services (Mobinil) said that France Telecom (FT) management has not taken a decision yet on his company’s position as regards listing on the Egyptian Exchange (EGX).
“Currently we don’t have any updates as regards adjusting our status in the stock market. It is totally left to France Telecom to decide. Any developments in this regard will be announced duly,” said the official in an exclusive to Mubasher.
The French company owns a 94% stake in Mobinil, as it bought most of shares in the company through the stock market. Meanwhile, business tycoon Naguib Sawiris, chairman of Orascom Telecom Media & Technology Holding (OTMT), is keeping a 5% stake in Mobinil, while the remaining 1% is left as free float in the stock market.
EFG-Hermes said, in a report issued Thursday, that OTMT may exercise the put option on the first tranche of its 5% stake in Mobinil (1.67 million shares) sometime between January and February 2015 at EGP268.50/share, which would provide sizeable proceeds of cEGP448 million.
The EGX management had requested Mobinil to raise free float to comply with regulations that stipulate that free float must not be less than 5%, or EGP 10 million as book value for listed shares.
Mobinil had posted EGP 390.6 million ($54.6 million) consolidated net loss for the first nine months of FY14, narrowing 13% from EGP 447.3 million ($62.5 million) logged in the same period a year earlier.
Mobinil operates with issued and paid-in capital of EGP 1 billion, divided into 100 million shares at EGP 10 par value each.
Translated by Sayed Abdel Rahman
Photo Credit: Arabianeye-Reuters