Feb 13 2012 |
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MARKET TALK: Mobinil Minorities To Benefit From OTMT, FT Deal -Naeem
Monday, Feb 13, 2012
0855 GMT [Zawya Dow Jones]--Cairo-based Naeem Brokerage sees a potential deal between France Telecom and Orascom Telecom Media and Technology, or OTMT, as positive for Mobinil's minority shareholders. "If the deal is materialized it will be a very good opportunity for Mobinil minority shareholders, because it will trigger a tender offer for them," says Ahmed Adel, a telecoms analyst at Naeem. The two telcos said Monday that they signed a non-binding MOU for the sale of OTMT's stake in Mobinil, ECMS at EGP202.5 per share. "The offered price [EGP202.5] is also high and above Mobinil's fair value," Adel says. Mobinil shares are still suspended. They last traded last at EGP136.37 Thursday. (shereen.elgazzar@dowjones.com)
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
13-02-12 0900GMT
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