Mobile phone company MobiNil has tasked independent financial consultancy Prime Capital with evaluating its share price in light of a dispute between Orascom Telecom (OT) and France Telecom (FT)–which share ownership of MobiNil–over FT’s offer to buy OT’s stake in the company at LE245 per share.
MobiNil is expected to announce Prime Capital’s recommended share price today.
Sources close to the company say that Prime Capital has evaluated MobiNil shares based on five different criteria. They predicted a recommendation of between LE280 and LE300 per share–considerably higher than the FT offer.
On the stock market, meanwhile, a technical problem in the trading room delayed the start of Tuesday’s session by one hour. Nevertheless, the EGX 30 index rose by 1.5 percent, gaining 96 points to close at 6420 in a day that saw total trades worth some LE1 billion.
Translated from the Arabic Edition.