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Telecom Egypt expects EGP 1.5 bn in profits from Vodafone Egypt

Ahram Online , Wednesday 30 Mar 2016
Egypt Telecom (Photo: Al-Ahram)
Egypt Telecom (Photo: Al-Ahram)
Views: 1664
Views: 1664

State-run landline monopoly Telecom Egypt (TE) expects EGP 1.5 billion in deferred profits from Vodafone Egypt, according to the general assembly statement sent to the Egyptian bourse on Wednesday.

TE owns 45 percent of Vodafone Egypt.

Vodafone Egypt will pay the profits in two equal installments in April and June, according to the TE statement.

The general assembly of Telecom Egypt agreed in its meeting on Wednesday to allow the board of directors to move forward with settling its disputes with Vodafone Egypt.

"The decision of the distribution of profits is yet to be made when the general assembly convenes on 13 April," Khaled Hegazy, External Affairs and Legal Director for Vodafone Egypt, told Ahram Online.

Telecom Egypt will be entitled to 45 percent of whatever profits the shareholders decide to distribute, Hegazy added.

TE, which is 80 percent owned by the Egyptian government, saw a 107 percent surge in its net profits for 2015 to EGP 2.9 billion, up from EGP 1.4 billion achieved in 2014.

A government decision to reshuffle all of its representatives on the board was also ratified by the Telecom Egypt general assembly to include Maged Osman and Tamer Gad Allah.

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