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Egypt's Mobinil to Increase Listing on Local Stock Exchange
Published on:
Egypt's Mobinil is looking at options to raise the percentage of the company listed on the local stock exchange. The company, which is majority owned by France Telecom currently lists just one percent on the stock market.
It is looking to raise that to around 15 percent, and would prefer to do that by selling new shares to raise money as opposed to existing shareholders reducing their stakes.
Following a protracted dispute with the previous co-owner, France Telecom now owns 94 percent of Mobinil, while Orascom Telecom Media and Technology Holding retains a small 5 percent stake.
"It's very challenging to raise money in Egypt even if it's a high-profile name like Mobinil - they would need to give a big discount," says Sebastien Henin, portfolio manager at The National Investor.
The changes to the listing requirements for at least a 15% stake to be floated were made by the stock exchange last year.
On the web: Arabian Business
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