Egypt-based Orascom Telecom Media & Technology (OTMT) is in advanced stages of negotiation with France Telecom over the sale of its Egyptian mobile operator Mobinil.

The firm posted a statement to the Egyptian Exchange (EGX) on 12 February in response to the bourse’s decision to suspend the trading of Orascom’s shares.

“The management of the Egyptian stock exchange has decided to continue suspending [OTMT’s] shares as of 12 February and until the company sends a joint statement with France Telecom regarding the future of Mobinil,” the bourse statement said.

The two operators are expected to release a joint statement on 13 February.

“Mobinil is jointly controlled by France Telecom and Orascom, but France Telecom has been keen to take control for quite a while,” says Matthew Reed, head of mobile research for Middle East & Africa at UK-based market research firm Informa Telecoms & Media.

Orascom founder Naguib Sawiris has been stepping back from the telecoms industry and heading into politics. He is now running for presidency in Egypt. In March 2011, Orascom agreed to merge with Russia’s Vimpelcom in deal that was worth $6bn.

If a sale is agreed, it will help towards France Telecom’s ‘conquests 2015’ project, which aims to double revenue in its emerging markets mainly through acquisitions. The company has operations in Iraq, Tunisia, Jordan, Bahrain and Morocco.