Monday 30 November 2015

Sawiris says no Mobinil stake sale plan

Cairo, August 17, 2011

Egyptian telecoms magnate Naguib Sawiris said on Wednesday he had no plans to sell shares in Mobinil, a mobile phone joint venture with France Telecom.

Mobinil shares reached their lowest since 2004 this month after the company reported a second-quarter loss in the wake of Egypt's popular uprising. The stock surged 10 per cent on Wednesday, with traders citing talk of a possible change in Mobinil's shareholder structure.

The company has seen some customers cancel subscriptions in protest at a cartoon posted by Sawiris which some considered offensive to Islam.

"I can only say that there is nothing -- that it is just not going to happen," Sawiris told Reuters when asked by telephone whether he might sell Mobinil shares. "They think because of this boycott that I will get fed up and sell. It's not in my character." – Reuters

Tags: Cairo | Stake | mobinil | Sawiris |

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