Telecom Egypt S Regulatory News (TEEG)

13 Jun 2007 07:02

Telecom Egypt S.A.E13 June 2007 TAREK TANTAWY APPOINTED TELECOM EGYPT's VICE PRESIDENT & CFO EFFECTIVE FROM 12th JULY 2007 Cairo, 13th June, 2007: Telecom Egypt (TE) (Ticker: ETEL.CA; TEEG.LN), todayannounced that Ali Salama, Vice President & Chief Financial Officer, since 2000,will be retiring from his post effective from 12th July, 2007 Telecom Egypt also announced that Tarek Tantawy has been appointed as Salama'ssuccessor and will act as Vice President & Chief Financial Officer with effectfrom 12 July, 2007. Having been with the company since 2002, Tantawy was appointed Director ofInvestment, Treasury & Investor Relations in 2006. Previously, he held theposition of Assistant Vice President at Sigma Capital Investment Banking wherehe was engaged in several visible corporate finance transactions and also heldthe position of Senior Consultant at FinRate Consulting in the Corporate FinanceDivision. During his tenure with Telecom Egypt, Tantawy was a key team member inseveral landmark transactions including overseeing and managing theprivatization of Telecom Egypt through an international Initial Public Offeringin the Cairo and Alexandria Stock Exchanges and London Stock Exchange with atotal transaction value of US$ 900 million, issuing Egypt's largest evercorporate bond (transaction size EGP 2bn) and acquiring a 44.8% strategic stakein Vodafone Egypt. Tarek also served and continues to serve as a board ofdirectors' member in several leading companies in Egypt. Tantawy holds a Mastersin Business Administration from Edinburgh Business School (Heriott WattUniversity) in the UK and B.Sc. in Construction Engineering from the AmericanUniversity in Cairo. He is a Chartered Financial Analyst (CFA) and a member ofCFA Institute. Commenting on the changes to Telecom Egypt's Senior Management Team, AkilBeshir, Chairman and CEO of Telecom Egypt, said: "Ali Salama has served with distinction as Telecom Egypt's VP & Chief FinancialOfficer for over seven years. He has made a substantial contribution to ourbusiness, advancing our financial analysis systems and ensuring the company'squality of reporting during our first years as a public company has beenconsistent, and constantly improving. He has been a committed advocate of ourinvestor relations programme, helping us to become one of the mostinternationally visible Egyptian quoted companies. We thank him for all he hasdone for Telecom Egypt and wish him well in the future." Beshir added: "Furthermore, I am delighted to find in his replacement, TarekTantawy, an able and diligent financial operator. His considerable knowledge ofthe telecommunications industry and his unwavering commitment to ensure that thehighest standards are met, and exceeded, make for a compelling new appointment.I am personally looking forward to his contribution and to working with him inthis new role." - Ends - For further information: Investor Relations Contacts Eman AnisInvestor Relations ManagerTelephone: +202 25788787Fax: +202 25789314E-mail: investor.relations@telecomegypt.com.eg Notes to Editors: Telecom Egypt's Senior Management Team From 12th July 2007, the Telecom Egypt's senior management team will be asfollows: Akil Hamed Beshir, Chairman & CEO Mohammed Abdel Rehim Hassanein , Vice President; Operation & Maintenance Dawlat Abdel Hameed El Badawi , Vice President; Project Planning Tarek Tantawy, CFA, Vice President & Chief Financial Officer Abdel Hamid Mahmoud Hamdy , Vice President; Human Resources & AdministrativeAffairs Sanaa Soliman, Vice President; Follow up & International Projects Sayed Dessouky , Vice President; Projects' Implementation Mohamed Elnawawy , Vice President; International & Regulatory Affairs Khaled Marmoush, Vice President; Information Technology Fouad Yasser El Badrawy, Vice President; Commercial Affairs About Telecom Egypt Telecom Egypt (TE), Egypt's incumbent telecommunications operator, started itsoperations in 1854 with the first telegraph line in Egypt. Then it wascorporatized in 1998 to replace the former Arab Republic of Egypt NationalTelecommunication Organization (ARENTO). The Company is the largest provider offixed-line services in the Middle East and Africa with 10.9 million subscribersas at the end of March 2007 representing a teledensity of 15%. TE provides retail telecommunication services including access, local, longdistance and international voice, Internet and data, and other services. Thecompany also provides wholesale services including bandwidth capacity leasing toISPs, and national and international interconnection services. Telecom Egypt'sservices also include the provision of narrowband and broadband internet accessthrough its subsidiary TE Data. TE Data has active operations in Egypt andJordan. TE currently participates in the mobile segment in Egypt by providing mobileinterconnectivity through its current, increased 44.79% holding in VodafoneEgypt, one of the two existing Egyptian mobile operators. TE's shares and GDRs (Ticker: ETEL.CA; TEEG.LN) are traded on the Cairo andAlexandria Stock Exchanges and the London Stock Exchange. This information is provided by RNS The company news service from the London Stock Exchange