Orascom Being Pushed Out Of MobinilApril 2009 | Company News Alert
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An arbitration court has ordered Orascom Telecom to sell its shares in its Egyptian unit Mobinil Telecommunications to France Telecom, reports Reuters. Mobinil Telecommunications, in which Orascom and France Telecom currently hold 28.75% and 71.25% shares, respectively, is in turn the largest single shareholder in the Mobinil mobile network operator. The sale of Orascom's shares would raise up to US$1.7bn for the company, but Orascom is apparently still keen to reach some other agreement with France Telecom.