Egypt telecom (photo: Al-Ahram)
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.