MT Telecom raised its stake in the Egyptian Company for Mobile Services (Mobinil) to 98.9% through buying 5 million shares in the firm , it in a bourse statement.

Earlier, the Egyptian Stock Exchange announced it executed a transaction under the ‘block trade’ system at a value totaling EGP 1.403 million on 5 million shares in Mobinil.

OTMT holds 5% directly-held stake in Mobinil that is 93.92% owned by MT Telecom S.C.R.L (MTT) that is 100% owned by France Telecom group. The remaining shares are publicly traded on the Egyptian Exchange.