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Sawiris rules out Mobinil sale

The stock surged 10 percent Wednesday, with traders citing talk of a possible change in Mobinil’s ownership structure.
18.08.11 | Source: The Daily Star Lebanon

Egyptian telecoms magnate Naguib Sawiris said Wednesday he had no plans to sell shares in Mobinil, his company’s mobile phone joint venture with France Telecom which posted a loss in the second quarter.

Mobinil shares this month reached their lowest since 2004 after it reported the loss, caused by a fiercely competitive market and disruption to business that followed the overthrow of Egypt’s president, Hosni Mubarak.

The stock surged 10 percent Wednesday, with traders citing talk of a possible change in Mobinil’s ownership structure.

“I can only say that there is nothing – that it is just not going to happen,” Sawiris told Reuters when asked by whether he might sell Mobinil shares.

Mobinil has seen some subscriptions cancelled in protest at a cartoon posted in June by Sawiris that was seen as lampooning ultra-conservative Muslims and which was taken by some as an offense against Islam.

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