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Egypt : EGYPTIAN BILLIONAIRE to dispose Stake in MOBINIL [TendersInfo (India)]
[October 01, 2014]

Egypt : EGYPTIAN BILLIONAIRE to dispose Stake in MOBINIL [TendersInfo (India)]


(TendersInfo (India) Via Acquire Media NewsEdge) Naguib Sawiris, an Egyptian Billionaire is planning to dispose of his stake in the country s mobile phone operator Mobinil, due to poor internal management by the company s French majority stakeholder, France Telecom Management.



Sawiris said, Very big company tends to be like public sector companies.

Sawiris founded the company in 1998 with France telecom owning 94% interest in the company. Sawiris controlled Orascom Telecom holds a 5% stake while the remaining 1% was left to free float.


At present, Mobinil has 32.7 million subscribers and ranks the country s second largest mobile service provider after Vodafone Egypt.

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