As someone who knows somehow how economic decisions are taken in this country I wonder what is really going on ; why every successful Egyptian project in this country has to be sold to foreign investors , is Mobinil the new Misr International Bank !!???
I am not against the direct investments of foreign countries in the country but I do not know why I have the feelings that the French are returning back to dominate our economy thanks to Mubarak’s regime economic and also Political relations with France’s big tycoons
Back to Naguib and Mobinil ; I support and pray to God that we will win on next Friday ; yes it is us now this time not only Naguib.
Technorati Tags: Naguib Sawiris,Egypt,Mobinil,France Telecom,Geek,Europe,Economy,National,Politics,Mideast,Middle East
My sentiments Exactly, Also a mobinil subscriber and definitely will leave in case of a forced acquisition by France Telecom.
ReplyDeleteThis is Colonization at its best, to forcefully suck the blood out of a country only with no troops, raids or gun-ships...
Ferdinand de Lesseps would be envious!
then join our cause, we have a group that reached more than 6,000 facebook subscriberes who agree on leaving Mobinil if Naguib gets forced to leave it.
ReplyDeletethe link is http://www.facebook.com/home.php?#/group.php?gid=204911063182
Dear Zeinobia,
ReplyDeletemost people don't understand the facts behind the ongoing legal battle between Nagib Sawirs and France Telecom. So here is my attempt to setting some facts straight:
Both Naguib Sawiris and France Telecom were partners in a private company called Orascom Telecom (different from Orascom Telecom Holding)which owns 51% of Mobinil (An Egyptian Public Joint Stock Company) a dispute between Naguib Sawiris and France Telecom occurred at the Orascom Telecom level; so, as their shareholder's agreement dictated, they went to arbitration in Paris.
The arbitral award decided the matter by referring to the shareholder's agreement signed between the parties which stipulated that in case of deadlock (irreconcilable dispute)the parties should do what is referred to as a "Texas shootout" meaning that each party would submit a bid to buy the other and the highest bid wins. France Telecom submitted the highest bid and therefore gained control of Orascom Telecom.
The problem now facing France Telecom was that the Egyptian Stock Market law provides that if a company either directly or indirectly gains control of an Egyptian public company (in this instance Mobinil), it must submit a mandatory bid offer to buy out the minority shareholders. This begs the question at what price should France Telecom buy Mobinil shares?
Naguib Sawiris is arguing that France Telecom should buy Mobinil shares at the same price they bought his Orascom Telcom shares. France Telecom on the other hand is saying that the price paid for Orascom Telecom does not reflect in any way the true value of Mobinil as they are different companies.
I believe Naguib Sawiris initiated this legal action for 2 reasons: first, he stands to make a considerable amount of money as he is personally a shareholder of Mobinil; second, to get back at France Telecom for winning the aforementioned "Texas Shootout"
Hope this helps....
Excellent work Echoes, you should have write the article instead. That is the true information, what a refreshment after that paranoia about colonialism.
ReplyDelete