Money in Brief

Mergers, Acquisitions and Financial Results

- In compliance with the Cairo Stock Exchange’s new regulations on ownership requirements, Egyptian mobile phone operator Mobinil is to sell a larger stake in the company to a local enterprise, the company reported to local media. CEO Yves Gauthier said the company would “seek to raise Mobinil’s shares in Egypt to 15 percent.” Egypt’s government has continued to push for greater local ownership, but with international loans being discussed, one with the International Monetary Fund (IMF), the government may not be able to force too much local ownership on companies if it wants to open the economic situation up for foreign investment.