France Telecom is reported to have made a new offer to buy all the shares in the Egyptian Company for Mobile Services (ECMS) in a new move to resolve the ongoing row with Orascom Telecom over their joint holding in Egypt's MobiNil.
In a statement though, the Egyptian Financial Supervisory Authority (EFSA) said that it has rejected the tender offer represented by France Telecom, to buy up to 100% of ECMS.
The mobile phone network - which trades as MobiNil - is owned by a holding firm, ECMS - which is in turn owned by three parties, 20% directly by Orascom Telecom, 29% via the stock exchange and the remaining 51% is owned by a company, confusingly called MobiNil. This holding company is in turn 71.25% owned by France Telecom and 28.75% owned by Orascom Telecom.
Following a ruling earlier this year from the Arbitration Court of the International Chamber of Commerce (ICC) there has been a dispute between the two main shareholders over a requirement to sell some, or possibly all, of the shares to France Telecom.
The company is the largest operator in the market, and according to figures from the Mobile World database, has a market share of around 48%.