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 firstname.lastname@example.org
To contact the editor responsible for this story: Alaa Shahine at email@example.com