MobiNil board to discuss FT offer

Members of the board of mobile phone company MobiNil will convene on Wednesday to discuss an offer by France Telecom (FT) to acquire the 51-percent majority stake in MobiNil currently held by Orascom Holding. The board will also discuss a recent report issued by independent financial adviser Prime Capital, which had been tasked with evaluating MobiNil shares.

Prime Capital President Mohamed Maher said company shares had been evaluated according to different criteria, in light of MobiNil’s assets and liquidity.

One MobiNil company official expected Prime Capital’s recommended evaluation to be higher than FT’s offer of LE245 per share. He went on to note that company share values had risen considerably as MobiNil had steadily increased its subscriber base.

MobiNil shareholders are currently waiting for the share price to be definitively announced on 14 January before they begin selling on the local stock exchange.

Translated from the Arabic Edition.

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