France Telecom-Orange (“FT�?) and Orascom Telecom (OTMT) signed a non-binding memorandum of understanding regarding their interests in the Egyptian Company for Mobile Services S.A.E. (“ECMS�?) and MobiNil for Telecommunications S.A.E. (“MobiNil�?). The companies contemplate:
The early sale by OTMT of most of its stake in MobiNil/ECMS to FT, at a price of EGP 202.5 per ECMS share. FT would then launch a tender offer for ECMS’ free float at such price, in accordance with applicable laws and subject to the approval of the Egyptian Financial Supervisory Authority (“EFSA�?).
OTMT would retain a 5% economic interest in ECMS.
FT and OTMT would amend certain provisions under the current MobiNil Shareholders Agreement in order to adjust the governance structure to the new shareholding interests and to put in place the usual mechanisms to protect minority shareholders’ interests. http://www.francetelecom.com
