SCZONE chair showcases investment opportunities to US institutions, companies    Eight Arab, Muslim states reject any displacement of Palestinians    Egypt launches 32nd International Quran Competition with participants from over 70 countries    Al-Sisi reviews expansion of Japanese school model in Egypt    Egypt launches National Health Compact to expand access to quality care    Netanyahu's pick for Mossad chief sparks resignation threats over lack of experience    EU drafts central energy plan to fix grid bottlenecks and save billions    United Bank to roll out specialised healthcare financing packages, including green financing: Kashmiry    US warns NATO allies against 'bullying' American defence firms amid protectionism row    Egypt signs $121 million deal with Cheiron for oil output boost    Egypt's NUCA, SHMFF sign New Cairo land allocation for integrated urban project    Egypt declares Red Sea's Great Coral Reef a new marine protected area    Gold prices fall on Thursday    Egypt recovers two ancient artefacts from Belgium    Egypt assumes COP24 presidency of Barcelona Convention    Egypt, Saudi nuclear authorities sign MoU to boost cooperation on nuclear safety    Giza master plan targets major hotel expansion to match Grand Egyptian Museum launch    Australia returns 17 rare ancient Egyptian artefacts    China invites Egypt to join African duty-free export scheme    Egypt calls for stronger Africa-Europe partnership at Luanda summit    Egypt begins 2nd round of parliamentary elections with 34.6m eligible voters    Egypt warns of erratic Ethiopian dam operations after sharp swings in Blue Nile flows    Egypt scraps parliamentary election results in 19 districts over violations    Egypt extends Ramses II Tokyo Exhibition as it draws 350k visitors to date    Egypt signs host agreement for Barcelona Convention COP24 in December    Al-Sisi urges probe into election events, says vote could be cancelled if necessary    Filmmakers, experts to discuss teen mental health at Cairo festival panel    Cairo International Film Festival to premiere 'Malaga Alley,' honour Khaled El Nabawy    Egypt golf team reclaims Arab standing with silver; Omar Hisham Talaat congratulates team    Egypt launches Red Sea Open to boost tourism, international profile    Omar Hisham Talaat: Media partnership with 'On Sports' key to promoting Egyptian golf tourism    Sisi expands national support fund to include diplomats who died on duty    Egypt's PM reviews efforts to remove Nile River encroachments    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt Tycoon Naguib Sawiris May Sell Remaining Stake in Mobinil
Amwal Al Ghad Published in Amwal Al Ghad on 30 - 09 - 2014

Egyptian billionaire Naguib Sawiris has confirmed rumours that he plans to sell his minority stake in Egypt's second-largest mobile operator.
Sawiris currently owns a five percent stake in the Egyptian Company for Mobile Services (Mobinil), which he founded in 1998, with France Telecom owning 94 percent of the mobile operator as of May 2012.
Asked about whether he was going to sell his remaining stake in Mobinil, Sawiris told CBC on Sunday evening: "But of course; they ruined the company," referring to majority stakeholder France Telecom's management.
"Very big companies tend to be like public sector companies," said Sawiris, in criticism of Mobinil's management.
France Telecom partnered with Sawiris' Orascom Telecom in August 2001.
In 2007, disagreements over management led the two firms to resort to international arbitration, which resulted in Sawiris having to sell most of his stake to France Telecom in 2010.
Mobinil is Egypt's second-largest mobile services provider, with 32.7 million subscribers, second only to Vodafone Egypt's 38.2 million, according to the latest figures provided by the country's telecoms regulator.
The company reported a net loss of EGP 344 million in the first half of 2014, compared to a loss of EGP 296 million in the same period of the previous year.
It is currently trading for EGP 155.34 a share on the Egyptian Stock Exchange.
Source: Ahram Online

Clic here to read the story from its source.