CAIRO: France Telecom will increase its ownership of Egyptian telecommunications giant Mobinil, the companies announced earlier on Monday. The deal comes after several weeks of discussion with Orascom about the future of the Egyptian telecommunications company. France Telecom agreed to invest 1.5 billion euros into the shares while Orascom agreed to retain five percent of the company, and will have the same voting rights as before the deal, according to a source familiar with the deal. The deal comes after France Telecom stated that it is investing more into emerging markets as there is a slowdown in European mobile service performance, focusing on countries like Egypt. France Telecom already owned 71.25 percent of Mobinil, and has been investing in the telecommunications company since 2001. Mobinil is Egypt's leading mobile phone service provider. BM ShortURL: http://goo.gl/AuvcG Tags: Deal, France Telecom, Orascom, Telecom Section: Business, Egypt, Europe, Latest News, Tech
