French Orange S.A, owner of Orange-Egypt (formerly known as Mobinil), said that it is keeping an eye on the Egyptian market to launch a public offering in which Egyptian investors will take part. The company aims, through this offering, to increase its capital and enhance an active market performance.
Orange said it is waiting for the perfect timing to guarantee a successful offering. In order for Orange-Egypt to be listed on EGX, its free float in market must be 10 per cent, while its current stake presents a 4 per cent -namely 4 million shares.
This was announced by Orange’s Chief Executive and Chairman Stéphane Richard, in a conference held last week. The conference came as well to declare replacing the company’s name to “Orange-Egypt” instead of Mobinil and launching business in Egypt.
The company’s share saw a 10 per cent increase by the end of last week’s trading, reaching 121.99 pounds, with a trading volume of 7.28K shares worth EGP 889.06m.
