Money News - In Brief

Mergers, Acquisitions and Financial Results

- Shareholders of Orascom Telecom Media and Technology (OTMT) have voted in favour of selling the majority of the company’s stake in Egyptian cellco Mobinil to France Telecom (FT). The deal – which is expected to be worth around EGP6 billion (USD1 billion) – follows a non-binding offer made by FT in February. OTMT will keep a 5% stake in Mobinil and maintain 30% voting rights. The transaction is expected to be completed within a few weeks.