CAIRO: French telecoms operator Orange announced Wednesday that its Egyptian subsidiary Mobinil would offer 10 to 15 percent of its stock on the Egyptian Exchange (EGX) in 2016, CEO Stephane Richard said.
Speaking at a news conference in Cairo, Richard said: Orange is also considering selling a stake to a local partner or more.
“Oranges invests a minimum of 2 billion EGP in Egypt annually, representing 20 percent of its revenues,” added Richard.
Earlier in February, Orascom Telecom Media and Technology (OTMT), listed in the EGX, sold its stake in the Egyptian Company for Mobile Services (ECMS)- operating under the Mobinil brand- to Orange in return for 209.6 million euros ($233 million.)
The transaction raised Orange’s stake in Mobinil from around 94 percent to roughly 99 percent of the capital.
“Through this investment, Orange confirms its commitment to the Egyptian market as one of its most important assets in the region and its largest market in terms of customers,” the French company stated in a February statement.