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Egypt index jumps 2 pct as investors eye Mobinil PDF Print E-mail
Written by Egypt News   
Tuesday, 19 May 2009
Traders in Egyptian Stock Exchange reported on Monday that Egypt's benchmark stock index .EGX30 gained 2.2 percent on Monday as investors bought telecom firms on talk that a row between shareholders in Mobinil could be resolved soon

"There is a lot of speculation in the market that something is going to happen regarding the France Telecom, Orascom Telecom deal, which drove all the telecom stocks up," said Karim Hosny from Pharos Securities, adding that local and foreign investors were buying

Orascom Telecom and France Telecom have been locked in a dispute over their joint holding in Mobinil since going to court in 2007.

Orascom Telecom could not immediately be reached for comment.

Egypt's market regulator says France Telecom should tender to buy all shares in Mobinil as part of a court ruling that it purchase Orascom's stake in the holding company's 51 percent Mobinil stake.

Orascom Telecom also owns a 20 percent direct stake in Mobinil.

Mobinil shares jumped 6.7 percent to 204.97 Egyptian pounds ($36.48), while Orascom Telecom shares ended almost 4 percent higher at 36.34 pounds. Landline monopoly Telecom Egypt also added 1.9 percent to end at 17.89 pounds.

 

 

 

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