State-run landline monopoly Telecom Egypt (TE) named Maged Osman as the chairman of the board of directors and Tamer Gadallah as its chief executive officer, the company said in a statement sent to the Egyptian bourse on Thursday.

The government, which owns 80 percent of TE, replaced all its representatives in the board on Wednesday, to include Maged Osman, Ashraf Halim, Lubna Helal, Ahmed El-Beheriy, Mohamed Shamroukh, Hussein Gamal El-Deen and Tamer Gad Allah.

Telecom Egypt, which has a 45 percent stake in Vodafone Egypt, has sought in the past years to enter the mobile operations market to face rising competition in the telecommunications market. 

TE share price inched up 0.24 percent to EGP 8.25 a share by mid-day trade.