Paris-based France Telecom has said it will appeal to Egypt's supreme court after the country's stock market appeals committee once again rejected the group's bid to take full control of ECMS, Egypt's largest mobile operator.
In Cairo yesterday a committee of three Egyptian judges upheld a decision by the stock market regulator to reject France TelecomÔÇÖs last offer for the remaining shares in ECMS, on the grounds that it was too low.The Egyptian Financial Supervisory Authority has rejected three offers by the company to acquire the remaining shares of ECMS, saying they were less than the price set by an arbitration ruling.
The last rejection was made in July.
The regulator says France Telecom should either make an offer in line with the arbitration ruling or justify its lower offer.
The arbitration ruling, made earlier this year, awarded France Telecom control of Mobinil, the holding company for ECMS, and ordered Orascom, the Middle EastÔÇÖs largest mobile phone operator, to sell its stake in Mobinil.
However, France Telecom has offered one purchase price to Orascom and one to minority shareholders in ECMS, which is against the terms of the ruling.
Bringing the dispute before EgyptÔÇÖs supreme court is the last stage before requesting international arbitration, a spokesman for France Telecom said.
 
*       *       *
 
