MT Telecom, a fully owned subsidiary of France Telecom-Orange, submitted a Mandatory Tender Offer (MTO) to the Egyptian Financial Supervisory Authority on 12 April 2012 to acquire up to 100 million shares, or 100%, of the Egyptian Company for Mobile Services (ECMS) at a share price of 202.5 EGP.
France Telecom-Orange announced today that its subsidiary, MT Telecom, has successfully settled the MTO through the acquisition of 93,922,559 shares of ECMS, thus, increasing its indirect economic ownership in ECMS from 36.36% to 93.92%. In line with a previous shareholder agreement, announced in February 2012. Orascom Telecom Media and Technology have retained directly 5% of the capital of ECMS.
France Telecom-Orange intends to ensure that, in the medium term and if the conditions allow it, up to 15% of ECMS’s shares are held by Egyptian shareholders, whether these are private or public companies, or individual shareholders.