Battle over ownership of Mobinil continues

Despite efforts to ease tensions surrounding the sale of Egypt’s first and largest cellular mobile company, Mobinil, agreement has not yet been reached between the interested parties.

The row over control of Mobinil is raging on between Egypt’s Orascom Telecom and French owned France Telecom (FT), who came together in 2001 to start the company .

Several compromises and back-tracking efforts were made by both parties in order to move forward, but no conclusion has yet been reached.

Orascom Telecom is owned by Egypt’s richest man, Naguib Sawiris while France Telecom is a French government owned company. Apart from venturing into telecommunications and mobile cellular network, Orascom runs other various businesses in this North African nation.

The disagreements started some two years ago resulting in the international court ruling ordering Orascom Telecom to sell its share to France Telecom. The ruling was challenged by the Egyptian regulatory board.

France Telecom owns 71.25 percent shares while Orascom Telecom holds 28.75 percent shares.