France Telecom to pay $300 mn in Mobinil dispute

France Telecom to pay $300 mn in Mobinil dispute
AP
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First Published: Tue, Apr 27 2010. 04 05 PM IST
Updated: Tue, Apr 27 2010. 04 05 PM IST
Cairo: France Telecom says it will pay $300 million as part of a deal to end a long-running dispute with Egypt’s Orascom Telecom over a mobile phone service provider they jointly own.
The payment, announced on Tuesday by the Paris-based telecom giant, comes after the two companies announced on 14 April a deal ending a bitterly disputed arbitration court ruling over ownership of Mobinil, a holding company with a majority stake in the Egyptian Company for Mobile Services.
ECMS operates under the brand name Mobinil.
Under the deal, the companies agreed to keep their ownership structure unchanged and end all other related disputes linked to the buyout of ECMS shares by FT.
FT says the $300 million fee will be payable once the settlement is implemented.
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First Published: Tue, Apr 27 2010. 04 05 PM IST