EGP dips against USD in early trade    Asian stocks surge on tech rally    Gold prices slightly up ahead of US data    GAFI empowers entrepreneurs, startups in collaboration with African Development Bank    Egyptian exporters advocate for two-year tax exemption    Italy hits Amazon with a €10m fine over anti-competitive practices    Environment Ministry, Haretna Foundation sign protocol for sustainable development    After 200 days of war, our resolve stands unyielding, akin to might of mountains: Abu Ubaida    China encourages Egyptian firms to participate in CIIE 2024    World Bank pauses $150m funding for Tanzanian tourism project    China's '40 coal cutback falls short, threatens climate    Swiss freeze on Russian assets dwindles to $6.36b in '23    Amir Karara reflects on 'Beit Al-Rifai' success, aspires for future collaborations    Ministers of Health, Education launch 'Partnership for Healthy Cities' initiative in schools    Egyptian President and Spanish PM discuss Middle East tensions, bilateral relations in phone call    Amstone Egypt unveils groundbreaking "Hydra B5" Patrol Boat, bolstering domestic defence production    Climate change risks 70% of global workforce – ILO    Health Ministry, EADP establish cooperation protocol for African initiatives    Prime Minister Madbouly reviews cooperation with South Sudan    Ramses II statue head returns to Egypt after repatriation from Switzerland    Egypt retains top spot in CFA's MENA Research Challenge    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    EU pledges €3.5b for oceans, environment    Egypt forms supreme committee to revive historic Ahl Al-Bayt Trail    Debt swaps could unlock $100b for climate action    Acts of goodness: Transforming companies, people, communities    President Al-Sisi embarks on new term with pledge for prosperity, democratic evolution    Amal Al Ghad Magazine congratulates President Sisi on new office term    Egypt starts construction of groundwater drinking water stations in South Sudan    Egyptian, Japanese Judo communities celebrate new coach at Tokyo's Embassy in Cairo    Uppingham Cairo and Rafa Nadal Academy Unite to Elevate Sports Education in Egypt with the Introduction of the "Rafa Nadal Tennis Program"    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Telecom Egypt Says Has No Plans to Sell its 45% Stake in Vodafone
Nayera Eid Published in Amwal Al Ghad on 12 - 09 - 2013

In case of obtaining the long-awaited integrated license, the Landline monopoly Telecom Egypt – TE (ETEL.CA) asserted on Thursday that it is not considering to give up its stake in Vodafone Egypt which amounts to 45%.
Mohamed Al-Nawawi, CEO of Telecom Egypt, said his firm has no intention to give up its stake in Vodafone Egypt as long as it does not receive official requests from the Egyptian Competition Authority (ECA) or Consumer Protection Agency (CPA) .
During bidding for the third mobile license in Egypt in 2006, TE had to give up its membership in Vodafone's board of directors.
Telecom Egypt announced last August that an integrated license allowing the company to provide mobile services to boost sales growth is "imminently around the corner."
The license that was expected to be issued in mid-July has been delayed by political upheaval following the ouster of President Mohamed Morsi on July 3, Telecom Egypt Chief Executive Officer Mohamed Amin El-Nawawy said today in a phone interview.
"We have a near-final draft," El-Nawawy said. While "obviously some of the bigger landscape issues that have been happening in Egypt late in June and July might have slowed things down a little bit," the company is "still very optimistic that the government will soon be deciding a date for the issuance."
Telecom Egypt, 80 percent owned by the state, has been facing revenue pressure as more people switch to mobile service from fixed-line phones, while slower business activity has led to fewer calls abroad. Second-quarter revenue from voice services fell 15 percent from a year earlier, the Cairo-based company said today.
The government is considering new rules to allow Egypt's four telecommunications providers to offer mobile, fixed-line and broadband services under a single license. The move would enable the Egyptian Co. for Mobile Services, which operates the Mobinil brand, as well as Vodafone Group Plc (VOD)'s local division and Emirates Telecommunications Corp. (ETISALAT)'s Etisalat Misr unit to offer landlines, while Telecom Egypt would add wireless services.

Clic here to read the story from its source.