France Telecom and Orascom Telecom sign the finalized terms of the agreements on Mobinil
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Paris, Cairo, May 10, 2010 
As previously announced, and following yesterday’s EFSA (Egyptian Financial Supervisory Authority) release, Stephane Richard, CEO of France Telecom and Naguib Sawiris, Executive Chairman of Orascom Telecom, signed tonight the finalized terms of their new comprehensive agreements regarding the settlement of disputes between both groups concerning Mobinil in Egypt.
Prior to the signature ceremony both companies had presented all the details of the terms of their agreement to the EFSA, which in turn has welcomed the agreement and expressed its consent on it.
The ceremony took place in Cairo in the presence of the Egyptian Minister of Communications & Information Technology, Dr. Tarek Kamel and the Egyptian Minister of Investment, Dr. Mahmoud Mohi Eldin.
These agreements set out the basis of their new shareholder agreement with no change to the existing ownership structure or their shareholders’ voting rights. These agreements will allow the two telecoms operators to contribute their respective know-how and added value to the successful and profitable development of Mobinil and ECMS, the country’s leading mobile operator.
The Egyptian Minister of Communications & Information Technology, Dr. Tarek Kamel, said : “I am glad to witness this agreement which ensures the stability of Mobinil and empowers its further development of its telecom services.”
The Egyptian Minister of Investment, Dr. Mahmoud Mohi Eldin, said: “I welcome to see the successful partnership of FT and OT growing furthermore in the future.”
Stephane Richard, CEO of France Telecom, said: “I first would like to thank the Egyptian Government for supporting both parties and contributing to the resolution of this dispute. Tonight’s ceremony is an important step for the Egyptian economy and I am proud that France Telecom, together with Naguib Sawiris, will be able to contribute to the development of telecommunications services and information technology in Egypt. We are a long-term industrial partner of Egypt and will use our expertise to remain a best-in-class operator for our 26 million customers.”
And from his side, Naguib Sawiris, Executive Chairman of Orascom Telecom, said: “I am grateful to Stephane Richard who ended this dispute on fair grounds and to Dr. Tarek Kamel who took this agreement under his auspices and I thank Dr. Mahmoud Mohi Eldin for blessing this agreement and for the role the Ministry of Finance played in looking after the best interest of Mobinil.”
As previously announced, and following yesterday’s EFSA (Egyptian Financial Supervisory Authority) release, Stephane Richard, CEO of France Telecom and Naguib Sawiris, Executive Chairman of Orascom Telecom, signed tonight the finalized terms of their new comprehensive agreements regarding the settlement of disputes between both groups concerning Mobinil in Egypt.
Prior to the signature ceremony both companies had presented all the details of the terms of their agreement to the EFSA, which in turn has welcomed the agreement and expressed its consent on it.
The ceremony took place in Cairo in the presence of the Egyptian Minister of Communications & Information Technology, Dr. Tarek Kamel and the Egyptian Minister of Investment, Dr. Mahmoud Mohi Eldin.
These agreements set out the basis of their new shareholder agreement with no change to the existing ownership structure or their shareholders’ voting rights. These agreements will allow the two telecoms operators to contribute their respective know-how and added value to the successful and profitable development of Mobinil and ECMS, the country’s leading mobile operator.
The Egyptian Minister of Communications & Information Technology, Dr. Tarek Kamel, said : “I am glad to witness this agreement which ensures the stability of Mobinil and empowers its further development of its telecom services.”
The Egyptian Minister of Investment, Dr. Mahmoud Mohi Eldin, said: “I welcome to see the successful partnership of FT and OT growing furthermore in the future.”
Stephane Richard, CEO of France Telecom, said: “I first would like to thank the Egyptian Government for supporting both parties and contributing to the resolution of this dispute. Tonight’s ceremony is an important step for the Egyptian economy and I am proud that France Telecom, together with Naguib Sawiris, will be able to contribute to the development of telecommunications services and information technology in Egypt. We are a long-term industrial partner of Egypt and will use our expertise to remain a best-in-class operator for our 26 million customers.”
And from his side, Naguib Sawiris, Executive Chairman of Orascom Telecom, said: “I am grateful to Stephane Richard who ended this dispute on fair grounds and to Dr. Tarek Kamel who took this agreement under his auspices and I thank Dr. Mahmoud Mohi Eldin for blessing this agreement and for the role the Ministry of Finance played in looking after the best interest of Mobinil.”
press contact
France Telecom press relations: +33 1 44 44 93 93
Béatrice Mandine: beatrice.mandine@orange-ftgroup.com
Bertrand Deronchaine : bertrand.deronchaine@orange-ftgroup.com
Orascom Telecom Investor Relations:
Telephone: +202 2 461 5050 / 51
OTInvestorrelations@otelecom.com
Béatrice Mandine: beatrice.mandine@orange-ftgroup.com
Bertrand Deronchaine : bertrand.deronchaine@orange-ftgroup.com
Orascom Telecom Investor Relations:
Telephone: +202 2 461 5050 / 51
OTInvestorrelations@otelecom.com
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