In the wake of the revelation that France Telecom (FT) and Orascom Telecom Media and Technology Holding (OTMT) have reached a preliminary agreement regarding the former’s acquisition of the latter’s stake in Egyptian Company for Mobile Services (ECMS), it is understood that the Egyptian Financial Supervisory Authority (EFSA) is calling on OTMT to explain the deal to its shareholders. According to Bloomberg, the financial watchdog has called for the explanation after the Egyptian telecoms group accepted what is understood to be a lower price per share than it had been offered in a previous bid by FT in 2009. As reported by CommsUpdate earlier this week, the French company announced that it would pay EGP202.5 (USD33.54) per share for the stake in ECMS, which trades under the MobiNil banner, currently held by Naguib Sawiris-controlled OTMT.
Read the article:
OVETEL Egypt’s financial watchdog calls for explanation of OTMT’s acceptance of MobiNil share offer
No comments:
Post a Comment