Egypt's Mobinil eyes new share listing to meet ownership rules

Reuters Middle East

CAIRO, Feb 4 (Reuters) - Egyptian cellphone operator Mobinil

would prefer to list more shares on Cairo's stock

exchange to meet new ownership rules than sell a bigger stake to

a local company, its CEO said on Monday.

France Telecom owns 94 percent of Mobinil, Orascom

Telecom Media and Technology Holding owns 5 percent,

and only the remaining 1 percent is listed on the exchange,

Mobinil's website said.

"We seek to raise our shares in Egypt to 15 percent and we

have three steps to do that, another strategic partner, go to

the stock market, or do both," CEO Yves Gauthier said.

"The most favourable option is to go to the stock market."

Asked when the company would do that, he said: "This depends

on the economic situation in the country which is not very good

... or stable now." The new rules were passed in 2012.

Gauthier also said the company would raise prices if new

taxes were imposed, so that the company could meet its cash flow

and salary demands.

(Reporting by Yasmine Saleh; Writing by Alexander Dziadosz;

Editing by Louise Ireland)

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