Egypt's Mobinil sells unit stake to Eaton Towers subsidiary

Egypt's Mobinil said on Wednesday it had sold its stake in an Egyptian mobile tower services firm to a subsidiary of telecommunications tower firm Eaton Towers in a deal worth about LE1 billion ($131.15 million).

The mobile phone carrier said it had sold its 99.99 percent stake in the Egyptian Company for Mobile Tower Services to Eaton Towers Egypt Limited, a subsidiary of Eaton Towers.

This week, Mobinil said its losses had declined by 80.2 percent in the first quarter.