Telecom Egypt S Regulatory News (TEEG)

19 Sep 2006 07:04

Telecom Egypt S.A.E19 September 2006 Telecom Egypt Will Launch a Tender Offer to Increase its Stake in Vodafone Egypt by up to 24.4% Cairo, 19th September, 2006: Telecom Egypt (TE) (Ticker: ETEL.CA; TEEG.LN)announced today that its Investment Committee approved in its meeting held onSeptember 18th 2006 the launch of a tender offer for an additional stake of upto 24.4% of Vodafone Egypt S.A.E at a price of LE 100 per share and for a totaldeal value of LE 5.856 billion. Accordingly, Telecom Egypt will approach the Egyptian Capital Markets Authorityto request its approval for the publication of the tender offer during thecoming few days. Telecom Egypt has informed Vodafone Group PLC of its decision.EFG-Hermes Investment Banking is acting as Sole Financial Advisor for TelecomEgypt on this transaction. Telecom Egypt currently participates in the growing mobile segment in Egyptthrough a 25.5% shareholding stake in Vodafone Egypt, one of the two Egyptianmobile operators. - Ends - For further information: Investor Relations Contacts Tarek Tantawy, CFADirector of Investment, Treasury & Investor RelationsTelephone: +202 5788111Fax: +202 5789314 Eman AnisInvestor Relations ManagerTelephone: +202 5788787Fax: +202 5789314 E-mail: investor.relations@telecomegypt.com.eg Notes to Editors: 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 10.6 million subscribersas at the end of June 2006 representing a teledensity of 14.8 percent. TEprovides 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 current operations in Egypt, Jordan,and Dubai and has ambitious plans in other parts of the MENA region. TE currently participates in the mobile segment in Egypt by providing mobileinterconnectivity and though its current 25.5 percent holding in Vodafone Egypt,one of the two 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