Egypt’s financial market regulator, the Egyptian Financial Supervisory Authority (EFSA), has reportedly approved a tender offer in which European telecoms giant France Telecom-Orange is seeking to increase its stake in local cellco Egyptian Company for Mobile Services (ECMS), which trades as MobiNil. Following approval of the offer, the EFSA has said that shares in both MobiNil and Orascom Telecom Holdings (OTH), the latter of which is the other major shareholder in the Egyptian cellco, will resume trading on the Egyptian bourse after a two-day suspension
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OVETEL France Telecom-Orange’s MobiNil tender offer approved by the EFSA
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