Orascom Telecom could face a lengthy delay in its sale of its stake of roughly 29 per cent in Mobinil to France Telecom, which owns 71 per cent of Egypt's largest mobile firm, as it appeals a ruling by the nation's financial regulator over the price of the shares. On Saturday, an appeals committee of the regulator formally rejected a request by Orascom that the regulator block France Telecom's latest bid for the Mobinil shares.
Orascom, based in Egypt, said it was "disappointed" with the regulator's decision and that it maintains its position that the arguments made by France Telecom are "incorrect and illogical". Orascom and France Telecom have been at odds over Mobinil since 2007. Last April, the Administration Court decided that a fair price for Mobinil was 273 Egyptian pounds (Dh183) per share, or a total of US$1.6 billion (Dh5.87bn) for Orascom's holding.
Last month, the regulator overruled the court's decision and priced Mobinil at 245 Egyptian pounds a share. Orascom Telecom, the largest mobile phone company in the Middle East, plans to file its legal suit by January 14, the deadline for France Telecom to buy the Mobinil stake. In the meantime, Orascom said it will "continue amicable negotiations" with the French company. "Given that the tender offer period should end soon, on January 14, it seems uncertain whether Orascom Telecom will be able to find a quick legal solution to the issue or not, since the due legal process might be lengthy," said Shrouk Diab, a telecommunications analyst at Beltone Financial in Cairo.
Amr Elalfy, a telecoms analyst with CI Capital Research in Cairo, said a final decision on Mobinil could take some time if the court agrees to freeze France Telecom's purchase offer. "According to the legal system in Egypt, a decision made by the Administrative Court can still be appealed before the Supreme Administrative Court, so we could be in for a lengthy legal debate," Mr Elalfy said. The two companies first went to court in 2007 over Mobinil, Egypt's largest mobile firm by subscribers.
dgeorgecosh@thenational.ae
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South Africa
Faf du Plessis (captain), Dean Elgar, Aiden Markram, Hashim Amla, AB de Villiers, Quinton de Kock (wkt), Vernon Philander, Keshav Maharaj, Kagiso Rabada, Morne Morkel, Lungi Ngidi.
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How the bonus system works
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.
There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
Pox that threatens the Middle East's native species
Camelpox
Caused by a virus related to the one that causes human smallpox, camelpox typically causes fever, swelling of lymph nodes and skin lesions in camels aged over three, but the animal usually recovers after a month or so. Younger animals may develop a more acute form that causes internal lesions and diarrhoea, and is often fatal, especially when secondary infections result. It is found across the Middle East as well as in parts of Asia, Africa, Russia and India.
Falconpox
Falconpox can cause a variety of types of lesions, which can affect, for example, the eyelids, feet and the areas above and below the beak. It is a problem among captive falcons and is one of many types of avian pox or avipox diseases that together affect dozens of bird species across the world. Among the other forms are pigeonpox, turkeypox, starlingpox and canarypox. Avipox viruses are spread by mosquitoes and direct bird-to-bird contact.
Houbarapox
Houbarapox is, like falconpox, one of the many forms of avipox diseases. It exists in various forms, with a type that causes skin lesions being least likely to result in death. Other forms cause more severe lesions, including internal lesions, and are more likely to kill the bird, often because secondary infections develop. This summer the CVRL reported an outbreak of pox in houbaras after rains in spring led to an increase in mosquito numbers.
SERIE A FIXTURES
Saturday Spezia v Lazio (6pm), Juventus v Torino (9pm), Inter Milan v Bologna (7.45pm)
Sunday Verona v Cagliari (3.30pm), Parma v Benevento, AS Roma v Sassuolo, Udinese v Atalanta (all 6pm), Crotone v Napoli (9pm), Sampdoria v AC Milan (11.45pm)
Monday Fiorentina v Genoa (11.45pm)
