Orascom Telecom does not aim to sell its stake in Egyptian Company for Mobile Services, which operates under the name Mobinil, after market speculation boosted Mobinil's shares.
"I can assure you that our stake in Mobinil is not for sale," said Orascom Telecom investor relations director Hatem el-Gammal.
Market rumours that pan-African mobile provider MTN Group would buy all or part of Orascom Telecom's stake in Mobinil pushed Mobinil stock up more than 7% on Tuesday, said EFG-Hermes broker Ahmed el-Hefnaoui.
Orascom Telecom (OT), the fourth-largest Arab mobile operator by market value, owns 34.7% of Mobinil. France Telecom is the largest single shareholder, owning 36.3%, and 29% of the shares are free floating.
Gammal declined to comment on whether Orascom Telecom is in talks with MTN over a possible consolidation.
South African technology Web site ITWeb reported market speculation last week that MTN Group was in talks with Orascom Telecom to purchase the stake or to forge a strategic partnership between the two big firms.
"This is not the only telecom acquisition rumour in the region, especially in Egypt and Kuwait, where people are waiting for big names to come in," EFG-Hermes' Hefnaoui said.
"But if the MTN move was true, it would definitely be positive for Mobinil and OT," he added.
OT said in December it had referred a dispute with France Telecom over the implementation of a Mobinil shareholders' agreement to the International Court of Arbitration at the International Chamber of Commerce.
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