Orascom against EFSA’s decision on France Telecom offer

www.WirelessFederation.com/news: Egyptian regulator’s decision to allow France Telecom SA to buy 100% of Egyptian Co. for Mobile Services, or ECMS has been challenged by Orascom Telecom Holding, or OT. The company said that it
will appeal against the decision.

According to Orascom Telecom’s Chairman Naguib Sawiris, Orascom is the largest minority shareholder in ECMS with 20% share and the company feels that the price offered by France Telecom SA is not the right price.

The Egyptian Financial Supervisory Authority or EFSA approved an offer from France Telecom’s unit Orange Participations on Friday. 245 Egyptian pounds ($44.42) were offered by France Telecom for each freely traded share in Mobinil, Egypt’s biggest mobile company by subscribers.