France Telecom has announced that its fully owned subsidiary, Orange Participations, has received expressions of interest from a number of shareholders of the Egyptian Company for Mobile Services S.A.E. (ECMS) that wish to dispose of their holdings in ECMS. It has secured with these shareholders their commitment to sell their entire shareholdings in ECMS at a price of EGP 230 per share.
In total, Orange Participations has to date secured commitments for more than 3% of the issued share capital of ECMS, representing more than 6% of the free float of ECMS. Furthermore, Orange Participations is currently in discussions with other potential sellers.
In order to comply with Egyptian capital markets regulations, Orange Participations has ensured that the implementation of the above arrangements is subject to approval by the Capital Market Authority and reiterates its commitment to treat all ECMS shareholders equally.