Bloomberg News

Orascom Media Jumps 10% Ahead of Shareholders Mobinil Meeting

March 01, 2012

Orascom Telecom Media & Technology Holding SAE surged 10 percent before shareholders meet today to vote on whether to sell most of the company’s stake in mobile- phone operator Mobinil to France Telecom SA. (FTE)

The shares soared to 1.72 Egyptian pounds, helping the benchmark EGX 30 Index gain 0.8 percent at 10:52 a.m. in Cairo.

Orascom, owned by billionaire Naguib Sawiris, will earn about 6 billion Egyptian pounds ($995 million) from the sale, it said on Feb. 23.

To contact the reporter on this story: Alaa Shahine in Dubai at asalha@bloomberg.net

To contact the editor responsible for this story: Alaa Shahine at asalha@bloomberg.net


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