CAIRO: Egypt's leading telecommunications operator, Mobinil, said on Wednesday that it had no knowledge of a proposal from France Telecom to swap shares in a Swiss telecom company for the stake in the Egyptian company held by part-owner Naguib Sawiris. France Telecom already owns part of Mobinil and is currently looking to offload its Orange Switzerland unit. A number of reported sources say Sawiris is looking to enter the deal for the Swiss company. It is unclear if this is to actually come to fruition. The Financial Times reported that a source close to the possible deal said that the French company was looking at a possible stake swapping with Mobinil if Sawiris agreed, paving the way for France Telecom to rebrand Mobinil as Orange. “Mobinil did not receive any notification from either party on that report and it does not have any information in this regard,” Mobinil said in a statement. Michel Hermann, a Swiss telecoms consultant working in Cairo and advising Mobinil, said that he believed the deal has its benefits to both companies and that Sawiris should consider the offer. “It would be a beneficial deal, at first glance, that would see France Telecom take on a larger role in Egypt, while Sawiris and Orascom Telecom would be able to continue to branch out globally with the Swiss market,” he said. BM
