LOC15:02
12:02 GMT
PARIS, Feb 13 (KUNA) -- France's leading telecommunications operator,
France-Telecom-Orange, announced here Monday that it was seeking to buy out
the bulk of shares held by Egypt's telecom company, Orascom, and another
partner held in the mobile phone ventures they jointly own, the
FranceTelecom-Orange said in a statement.
The French company is to purchase Orascom's 200-percent share in MobiNil
and ECM and will pay Egyptian Pounds 202.5 for each share. Orascom will keep a
five-percent stake in the jointly-owned companies. The deal also involves an
agreement with Technology Holding S.A.E. and the three companies await
regulators' approval for the share deal.
They initially set up their operations together in 2010.
France-Telecom is to later acquire any outstanding shares from MobiNil and
ECM still on the market if the deal with Orascom gets final approval with the
companies' boards.
The three main shareholders in the mobile venture set up their joint
holding in 2010, with France-Telecom holding the majority stake of 71.25
percent.
The announcement of the share purchase was made jointly in Paris and Cairo.
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KUNA 131502 Feb 12NNNN