The Egyptian Company for Mobile Services (Mobinil) announced that it sold all its stake in Egyptian Company for Mobile Towers Services to Eaton Towers LTD.

In a statement on Wednesday, Mobinil said it had sold its 99.99 percent stake in the Egyptian Company for Mobile Tower Services to Eaton Towers Egypt in a deal valued at EGP 1 billion.

The deal will be finalized after meeting some requirements which include obtaining the required licenses from the National Telecom Regulatory Authority, it added.