Family members and trusts controlled by the family informed Orascom Telecom on 16 September that they would purchase the shares, reducing the stake in the company that is listed on the Cairo & Alexandria Stock Exchanges.

The Sawiris family has repeatedly bought shares in the company since the business made a record net profit of $1bn in the final quarter of 2007, partly thanks to the sale of its Iraqi subsidiary to Kuwaiti rival Zain for $1.2bn in December.

Naguib Sawiris is the chairman and chief executive officer of Orascom Telecom.