Egypt’s Orascom Telecom Media and Technology said board members are negotiating the future of Egyptian telecommunication giant, Mobinil, with France Telecom.
France Telecom is set to increase their stake in the Egyptian company. Naguib Sawiris, Orascom CEO, may still keep a large interest in the company, despite the deal.
Speculation has mounted over the past year surrounding Mobinil’s ownership change. A big announcement is expected on Monday.
France Telecom and other European telecommunication companies have focused emerging markets due to European mobile service demand stagnating recently.
North Africa is seen as a potential cash cow for European operators following the revolutions and uprisings in the region showing skyrocketing telecom usage.