18 Jun 2009 07:00
TelecomΒ EgyptΒ AnnouncesΒ the Resignation of its ViceΒ President &Β Chief Financial OfficerΒ
Cairo,Β 18Β JuneΒ 2009:Β Telecom Egypt (TE) (Ticker: ETEL.CA; TEEG.LN)Β today announcedΒ that Tarek Tantawy, TE'sΒ Vice President &Β Chief Financial Officer,Β has resigned effective August 13thΒ 2009Β in order to pursue another career opportunity.Β
Β
Commenting on Tarek's departure,Β Mr. Akil BeshirΒ Chairman & CEO of TelecomΒ EgyptΒ said:
Β
"During his seven years with TelecomΒ Egypt, Tarek has made a significant impact on the company. His hard work and dedication has been instrumental in establishing a corporate culture of transparency and openness, which has garnered us respect from investors both at home and abroad.Β I would like to express my appreciation to Tarek's achievements with the company and we wish him well in the futureΒ and look forward to announcingΒ a replacement in due course."
Β
Mr Tantawy originally joined TE in 2002 as General Manager forΒ Investment, Investor Relations and Financial Planning.Β He wasΒ appointedΒ Director of Investment, Treasury & Investor RelationsΒ inΒ 2006, before being named as VP &Β CFO in July 2007.Β
Β
Since joining TE, Tarek was a key player in several landmark transactions that were done byΒ the companyΒ including listingΒ the companyΒ on the Egyptian and London Stock Exchanges in one of the largest international equity offeringsΒ out ofΒ the Middle East , acquisition of a 45% shareholding stake in VodafoneΒ EgyptΒ and issuingΒ Egypt's largest ever corporate bond.
Β
- Ends -
Β
Β
Notes to editors
Β
|
Ahmed Fathallah |
Mohamed Kamal |
|
Director of Investment & IR |
Internal Reporting & Investor RelationsΒ Manager |
|
Tel:Β +202 3131 6699 |
Tel:Β +202Β 3131 5219 |
|
Fax:Β +202 3131 6115 |
Fax:Β +202Β 3131 6115 |
Β
E-mail:Β investor.relations@telecomegypt.com.eg
Β
Β
About TelecomΒ EgyptΒ
Telecom Egypt (TE),Β Egypt's incumbent telecommunications operator, started its operations in 1854 with the first telegraph line inΒ 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 andΒ AfricaΒ with 11.6 million subscribers as at 31 March 2009.Β
Β
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. TelecomΒ Egypt's services also include the provision ofΒ narrowband and broadband internet access through its subsidiary TE Data. TE Data has active operations inΒ EgyptΒ andΒ Jordan.Β
Β
TE currently participates in the mobile segment inΒ EgyptΒ by providing mobile interconnectivity through its current, increased 44.95% holding in VodafoneΒ Egypt, one of the three existing Egyptian mobile operators. TE's shares and GDRs (Ticker: ETEL.CA; TEEG.LN) are traded on the Egyptian Stock Exchange and the London Stock Exchange.
Follow the stocks