The State Commissioner’s Authority upheld the Administrative Court’s ruling rejecting the sale of the Egyptian Company for Mobile Services, Mobinil, to France Telecom at LE245 per share.
In its report, which was presented to the court Saturday, the State Commissioner’s Authority said that selling shares of the company at such a low price jeopardizes the principle of equality between shareholders and violates Article 327 of the executive regulations of the Financial Market Authority Law.
The Administrative Court, led by Hamdi Yassin, decided to postpone the verdict until 6 March at the request of the Financial Control Authority, which wanted more time to review the report and respond to its findings.
Orascom Telecom, which owns part of Mobinil, requested that a final verdict be delivered as soon as possible.
Translated from the Arabic Edition.
