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Egyptian Billionaire Naguib Sawiris To Sell Stake In Mobinil [Ventures Africa](Ventures Africa Via Acquire Media NewsEdge) VENTURES AFRICA – Egyptian Billionaire, Naguib Sawiris, informed CBC recently of his plans to relinquish his stake in the country’s mobile phone operator Mobinil, after citing poor internal management by the company’s French majority stakeholder, France Telecom Management. "Very big company tends to be like public sector companies" Sawiris said while analysing the management of Mobinil. Sawiris founded the company in 1998 with France telecom owning 94 percent interest in the company. Sawiris controlled Orascom Telecom holds a 5 percent stake while the remaining 1 percent was left to free float. Mobinil currently has 32.7 million subscribers and ranks the country’s second largest mobile service provider after Vodafone Egypt. In the first half of 2014, the company reported a net loss of LE344 million ($48 million), improving on its negative fortune from the previous year when it recorded LE296 million ($41.4 million). It is currently been mooted that the billionaire intends to invest in Telecom Italia despite a 2012 offer of $3.8 million earlier rejected. (c) 2014 Ventures Africa. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info). |