North Korea says it tested rail-launched ballistic missiles    US threatens sanctions against officials in Tigray conflict    Egypt's Trezeguet to continue missing games till the end of the year: Aston Villa coach    Pakistan, Iran leaders meet on Afghanistan    New government in Lebanon renews central bank audit    Egypt warms up for Libya clash with a friendly game against Liberia on 30 September    Central Bank of Egypt leaves interest rates on hold    Sisi discusses GERD, regional developments with the King of Bahrain    EU calls for urgent reform of WTO    Egypt's stocks end this week in mixed notes as benchmark EGX 30 falls 1.37%    Global institution leaders discuss with vaccines manufacturers accelerating production, distribution    Egypt received plan from DR Congo to resume AU-sponsored GERD talks: FM Shoukry    Remittances from Egyptians abroad grow 13.2% in FY2020/21– central bank    Egypt's Dabaa nuclear plant: contribution to social and economic development    Cote d'Ivoire's Haller scores 4 goals as Ajax routs Sporting Lisbon in CL    Cairo welcomes UNSC presidential statement on GERD    Egypt's PM attends signing of ministerial agreement to implement WB-funded project to reduce air pollution in Greater Cairo    Egypt records highest daily rise of coronavirus cases since mid-June    The Egyptian Mawlawiya troupe's concert at Al-Gumhouriya Theatre is a must go    Don't miss the AUC's webinar on Human Rights and the Built Environment Lifecycle    Borhane Alaouié (1941-2021): The auteur's shadow    Jordan hosts energy meeting today to discuss transporting Egyptian gas to Lebanon    Russia permits airlines to resume flights from 49 cities to Egypt    Egypt's Abu Soma Development partners with KOMPASS Education    Sisi: coronavirus vaccines in Africa 'far less' than actual needs    Egypt gives emergency use approval for locally manufactured Sinovac/VACSERA COVID-19 vaccine    Egypt makes COVID-19 vaccination mandatory for all those aged over 18 in education sector    Orange Egypt Introduces Amazon Prime Video    Tokyo Olympics: Cautious opening ceremony, shy start for Egyptians in competitions    Mallawi Museum in Upper Egypt holds recycling workshop for children during Eid Al-Adha    Egypt keen on stable tax policies to attract more investors: Finance Minister    Sudan declares state of emergency as water goes beyond Merowe Dam capacity    Niagara Falls illuminated in Egyptian flag to mark 23 July Revolution anniversary    Capital flows into EM keep recovering after March 2020 slump: Central Bank of Egypt    1 child orphaned every 12 seconds due to COVID-19-associated death: World Bank    Egypt, Japanese Olympic Committee discuss boosting sports cooperation    Ethiopia ready to resume dam talks with no legally binding agreements: Ethiopian official    US emphasises AU's role in mediating Ethiopian damdispute    Sunken city of Thônis-Heracleion in Egypt's Abu Qir bay yields new archaeological treasures    New films, concerts, and destinations for Eid Al-Adha holidays    Egypt, Oman discuss enhancing bilateral economic, investment relations    Al Ahly v Kaizer Chiefs: Cairo giants eye 10th CAF Champions League title    Tunisia hopes to have a UN role in resolving Egypt-Ethiopia dam dispute    Egypt denounces Ethiopia's move to start second filling of giant dam    APO Group enters new exclusive agreement with Getty Images on African press releases and images    On International Museum Day, Egypt opens two new museums at Cairo Airport    Egypt's Ahly is establishing a new stadium, expected to be 'sports complex'    Old Cairo's Al-Fustat will be revamped on Egyptian President's directives    

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

Vodafone Egypt to pay EGP 10bn in dividends for 2021
TE, Vodafone International sign modified shareholders' agreement that includes amendments to Vodafone Egypt's dividend policy
Published in Daily News Egypt on 07 - 06 - 2021

Telecom Egypt (TE) and Vodafone International have signed a modified shareholders' agreement that includes amendments to Vodafone Egypt's dividend policy.
The amendments ensure that Vodafone Egypt will pay exceptional dividends estimated at EGP 10bn to shareholders during the current year 2021, of which EGP 2bn has already been disbursed in March.
The EGP 10bn will be provided according to the stakes of the company's owners. TE owns a 45% stake in Vodafone Egypt, while Vodafone International has the rest 55%.
Egypt's Minister of Communications and Information Technology Amr Talaat witnessed the signing between the two sides.
As part of the agreement, the two parties also agreed to set a minimum future dividend of 60% of Vodafone Egypt's free cash flow.
The agreement also included the acquisition by Vodafone International of the right to transfer the ownership of its share in Vodafone Egypt within the Vodafone International Group.
Additionally, TE will maintain the rights contained in the current shareholders agreement, in addition to obtaining some additional minority rights, including the right to obtain information about its investment in the company.
Talaat said that this agreement comes as part of enhancements to the climate of compatibility between companies. This will have a positive impact on the development of the Egyptian telecommunications market, and improve the quality of services provided to users.
He referred to the Ministry of Communications and Information Technology's keenness to support all efforts and policies that stimulate the development of investments by companies operating in the Egyptian telecommunications sector.
The sector serves as a major partner in implementing Egypt's digital strategy.
Adel Hamed, Managing Director and Chief Executive Officer at TE, said that this agreement provides a mutual benefit for both parties. This is because TE was, and still, is a strategic partner for Vodafone International Group in the Egyptian market.
He added that this improved agreement guarantees the preservation of the strategic partnership of the two parties in light of the amendments made to the agreement. This secures TE a better vision for its investment in the company, and reassures its shareholders.
He explained that the company intends to use the cash flow from dividends to reduce the amount of debt, and to reduce financing costs whilst enhancing the company's profitability.
Nick Reed, CEO of Vodafone International, said, "This agreement allows Vodafone Egypt to continue pumping more investments and thus business growth, and to provide innovative technological solutions."
He also said that this will see his company working with TE and the Egyptian Government, to achieve the state's vision of digitisation and financial inclusion.

Clic here to read the story from its source.