Egyptian Mobinil to invest two billion, seeks local shareholders

Egyptian network provider Mobinil will go big on investments estimated at two billion EGP (US$ 297 million) with 4G Long Term Evolution (LTE) plans underway, while seeking to increase local ownership of the company as part of its 2013 strategic development.

Yves Gauthier, Chief Executive Officer at Mobinil, confirmed the rollout of LTE services and said the company will “seek to raise Mobinil’s shares in Egypt to 15 percent”.

The local share increase is motivated by regulations of the Cairo Stock Exchange, which requires the company to open shares to the local market.

“We seek to raise our shares in Egypt to 15 percent and we have three steps to do that, another strategic partner, go to the stock market, or do both,” CEO Yves Gauthier told Reuters.

Decisions regarding the stock market are however dependent on the country’s economy, Gauthier added.

Rumours about the rate increase were confirmed as likely to happen given the government-imposed sales tax hike to 15 percent for consumers.

While rival Vodafone has already announced more expensive services to subscribers, Gauthier said costlier services from their side are still under discussion as the postponed news of the International Monetary Fund (IMF)-mandated tax reforms by President Mohamed Morsi is

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