Orascom claims MobiNil sale deadline missed

Mergers, Acquisitions and Financial Results

After recent claims that it had offered to extend the deadline to 15 April for its enforced stake sale in Egyptian cellco MobiNil to France Telecom (FT), Orascom Telecom has said that the French company has failed to complete a deal within the timeframe.

In a statement Orascom noted that ‘France Telecom has failed to pay the purchase price as required by the terms of the arbitral award issued by the International Court of Arbitration of the International Chamber of Commerce (the ‘Award’) and has failed to comply with its obligations under Egyptian law to make a public tender offer on the same terms as the Award.’

FT has countered the claim however, stating that it had submitted all necessary details to the relevant Egyptian authorities for the deal to go ahead, with Reuters reporting that FT has also denied the existence of the extended deadline. Orascom has also announced that, at the request of Egypt’s Capital Market Authority (CMA), it will not issue any further press releases on the issue.