CAIRO: The Egyptian Company for Mobile Services (ECMS,) operating under the Mobinil brand, is preparing to change its brand name to France’s Orange soon, Youm7 reported unnamed inside sources Thursday.
Meanwhile, Mobinil’s vice chairman, Ashraf Halim had earlier told Youm7 that their clients will not have to change their SIM cards or contracts after running under Orange brand.
In February, the Egyptian Exchange listed Orascom Telecom Media and Technology (OTMT), owned by Egypt’s business tycoon Naguib Sawiris, announced it had reached an agreement to sell its stake in Mobinil to Orange in return for 209.6 million euros ($233 million.)
“The transaction will increase Orange’s stake in ECMS from around 94 percent to roughly 99 percent of the capital, and the parties expect that the transaction will be finalized by the end of Q1 2015,” OTMT stated in a statement.
Mobinil is one of Egypt’s leading mobile telecom providers, with 34 million subscribers. In 2014, the company posted a net loss of 399.8 million EGP, compared with 457.7 million EGP in 2013.