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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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