Last checked at 8 Aug 2016 09:10
Board of Directors Meeting Resolutions
Cairo, August 7, 2016: Telecom Egypt (te) (Ticker: ETEL.CA; TEEG.LN), today announced that during the Board of Directors meeting held on 7 August 2016, the Board of Directors of the company granted the following:
Approval to obtain a license to establish, operate and manage a 4G network to offer mobile services in Egypt, in accordance with the terms and conditions put forward by the National Telecommunication Regulatory Authority (NTRA) in a decree of 13 June 2016. The Board's decision was based on the study presented to the company’s Investment Committee, whose recommendation reiterated the necessity for Telecom Egypt to become a Total Telecom operator in order to maintain the continuity of the business and its competitiveness in the market. \ Approval to delegate to Mr Tamer Gadalla, Managing Director and Chief Executive Officer of Telecom Egypt, the authority to sign and take all necessary processes to acquire the license according to the regulatory framework sent by the NTRA to the company dated 15 June 2016.
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For more information, contact:
Mohamed Kamal
Investor Relations & Media Director
Tel: +202 3131 5219
Fax: +202 3131 6115
E-mail: investor.relations@te.eg
About Telecom Egypt
Telecom Egypt (te), Egypt's incumbent telecommunications operator, started its operations in 1854 with the first telegraph line in Egypt. Then it was corporatized in 1998 to replace the former Arab Republic of Egypt National Telecommunication Organization (ARENTO). The Company is the largest provider of fixed-line services in the Middle East and Africa with 6.2 million subscribers as at 31 March 2016.
te provides retail telecommunication services including access, local, long distance and international voice, Internet and data, and other services. The company also provides wholesale services including bandwidth capacity leasing to ISPs, and national and international interconnection services. Telecom Egypt's services also include the provision of narrowband and broadband internet access through its subsidiary TE Data. TE Data has active operations in Egypt and Jordan.
te currently participates in the mobile segment in Egypt by providing mobile interconnectivity through its current, increased 44.95% holding in Vodafone Egypt, one of the three existing Egyptian mobile operators.
te's shares and GDRs (Ticker: ETEL.CA; TEEG.LN) are traded on The Egyptian Exchange and the London Stock Exchange.