Saturday, April 25, 2009

Egypt: Orascom claims that France Telecom failed to pay in time, so the transfer of the shares in Mobinil is cancelled

[Total Telecom] Egypt's Orascom Telecom Holding considers the deal to sell part of its shares in the holding company of Mobinil to France Telecom to be null and void.

France Telecom didn't complete the transfer of the funds in time, making null and void the international arbitration court's ruling that ordered Orascom to transfer the 28.75% stake to the French telco, the daily reports, citing Ibrahim Karam, Orascom's investment strategies manager.

Orascom says France Telecom deal null and void

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