Orascom Telecom Media and Technology (OTMT) is believed to have been asked to provide additional details on its previously-announced talks with France Telecom for the sale of its stake in Egyptian operator MobiNil.

According to Reuters, the Egyptian stock exchange has asked OTMT to deliver a “detailed presentation” to its shareholders as to why it previously rejected an offer from France Telecom to buy out its stake in MobiNil – which was made at a higher price. This deal was on the table prior to OTMT’s split from Orascom Telecom, which followed the sale of Orascom assets to Vimpelcom last year.

The bourse also wants OTMT to hire a financial consultant to produce an evaluation report on the offer, to be followed by a presentation from the OTMT board to discuss the offer and its impact on the company, its shareholders and workers.

OTMT said that its proposal will need to be discussed and approved at a board meeting, and then proposed to its AGM for approval.

Reuters noted that OTMT had said it intends paying a dividend to its shareholders once it receives payment from France Telecom for its MobiNil holding, noting it could gain US$1 billion from the transaction. Some of the proceeds will also be kept to enable the company to exploit unspecified business opportunities.

France Telecom yesterday confirmed it is in talks with OTMT, with the intention being the acquisition of “most” of OTMT’s holding in MobiNil – OTMT will retain a 5 percent stake. The Egyptian company will also remain a “strategic local partner” to France Telecom.