Cairo-Mubasher: France's Orange, the owner of Mobinil, plans to increase the Egyptian operator's capital, but awaiting the suitable time for the subscription.
Orange Egypt, previously known as Mobinil, has 4 million shares in free float, representing 4%. However, the Egyptian Exchange's listing regulations stipulate that the free float should reach nearly 10%.
Egypt’s second largest mobile operator Mobinil has officially adopted the brand of French multinational Orange, the company said on Tuesday at a Cairo press conference.
The extraordinary general meeting, scheduled for 20 March, will discuss amending article No. 2 of the articles of association related to the rebrand.
The company posted consolidated net earnings of EGP 10.4 million for 2015, against losses of EGP 399.7 million in 2014.
