CAIRO: The Egyptian Company for Mobile Services (Mobinil) announced Wednesday it has sold its entire stake in the Egyptian Company for Mobile Towers to Eaton Towers LTD for 1 billion EGP ($131 million.)
The deal will be finalized upon securing a number of regulatory conditions, including a license from the National Telecommunication Regulatory Authority, Mobinil said in a statement to the Egyptian Exchange (EGX.)
Mobinil, 94 percent of which is owned by France’s Orange, narrowed its consolidated losses by 80.2 percent during the first quarter of 2015, compared to the same period a year earlier.
In a Sunday statement to EGX, Mobinil said seasonal losses retreated to nearly 35 billion EGP ($4.58 billion) in Q1/2015, lower than 177 billion EGP in the same period last year.
In 2014, Mobinil posted a net loss of 399.8 million EGP, compared with 457.7 million EGP in 2013.