Uncertainty Surrounds Mobinil As Bourse Suspends Shares Trading

The Egyptian Stock Exchange on August 18 2011 suspended trading in Mobinil shares at the start of trading, according to Reuters. This comes a day after the mobile operator's shares surged 10% on speculation that major shareholder Naguib Sawiris may be planning to sell shares in the company. There was no official reason for the suspension at the time of writing. However, CFW believes it may be aimed at preventing another rocky ride in trading of the company's shares following a statement by Sawiris at the end of trading on August 17 denying plans to sell shares in Mobinil.

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