17 February 2013

Egypt: Mobinil Lost 231 Million Egyptian Pounds in 2012

Last year's losses of mobile-phone company Mobinil amounted to 8.6 percent - 231.02 million Egyptian pounds (34.3 million US dollars) - against 2011's losses of 252 million pounds, a communiqué between the company to the stock market said.

Although based in Egypt, France Telecom now owns 94 percent of Mobinil as it bought the majority of the company's shares from Egyptian investors.

Egyptian tycoon Naguib Sawiris owns five percent of the shares while only one percent is unlisted in the stock market.

Islamists attacked the company during the past two years, accusing Sawiris of offending Islam.

A court found the Christian tycoon not guilty however and the charges were dropped.

Mobinil said on Sunday that its revenues increased by 1.55 percent - 10.330 billion from 10.181 billion - from 2011 to 2012.

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