Last Update 21:35
Monday, 16 September 2019

Government reshuffles its representatives in Telecom Egypt board

Ahram Online , Wednesday 30 Mar 2016
Egypt telecom (photo: Al-Ahram)
Egypt telecom (photo: Al-Ahram)
Share/Bookmark
Views: 1778
Share/Bookmark
Views: 1778

The general assembly of the state-run landline monopoly Telecom Egypt's (TE) ratified on Wednesday a government decision to reshuffle all its representatives on the Telecom's board, according to a statement sent by the company to the Egyptian bourse.

Based on suggestions by the minister of communications the prime minister appointed the following people : Maged Osman, Ashraf Halim, Lubna Helal, Ahmed El-Beheriy, Mohamed Shamroukh, Hussein Gamal El-Deen and Tamer Gad Allah.

The new board will convene today to elect its new chairman -- replacing Waleed Gad, whose term ends on Thursday -- and the chief executive officer, according to official news agency MENA.

The listed company is 80 percent owned by the Egyptian government and has sought in the past years to enter the mobile operations market to face rising competition in the telecommunications market.

Telecom Egypt, which has a 45 percent stake in Vodafone Egypt, agreed in 2014 to pay LE2.5 billion for a unified licence.

Although the government approved the licence, its activation has been repeatedly delayed, reportedly due to discord among the four companies and within the government over its details.

TE's share price soared 5.74 percent to EGP 8.18 a share on the resumption of trading after a temporary suspension earlier in the session.

Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
2



Pharaoh
30-03-2016 09:02pm
0-
2+
liberty
This is a nice move temporarily. The government needs to get its hands out of those things in the future to allow economic prosperity and freedom. More free competition, the state should secure freedom of its citizens to compete without harm.
Email
 
Name
 
Comment's Title
 
Comment
1



Neo
30-03-2016 03:30pm
2-
2+
A dying breed
Government-owned and landline are both dying breed in the global telecom market. Most of the developing countries are moving away from landlines altogether and privatizing inefficient incompetent telecom operators. But they made 100% profits last year, why privatize? they only made profits because they are a monopoly in a market of 90 million people!
Email
 
Name
 
Comment's Title
 
Comment
Latest

© 2010 Ahram Online.