The Egyptian Financial Services Authority has officially turned down an appeal put in by the telecommunications provider Orascom Telecom against the regulators previous ruling that could allow the purchase of Egypt's top ranked and largest mobile services provider's Mobilini share by a subsidiary of France Telecom.

In a statement published on Saturday, the Egyptian regulator stood firm by its earlier decision which approved an offer made by Orange Participation to purchase all Orascom shares in the Egyptian Company for Mobile Services. The deal valued each OT share at 245 Egyptian Pounds ($45.40).

Orascom has not said anything about the development yet, and a statement is expected later on Sunday.

The dispute here seems to have been a result of a court ruling which came out in March in favor of the French firm. The Paris-based telecom company currently owns a 71.25% stake in Mobilini.

The court ruling has ordered that it is alright for France Telecom to buy out Orascom's 28.75% stake in Mobilini.