Telecom Egypt will receive a second tranche of withheld dividends from Vodafone Egypt amounting to EGP 750 million, a source from the Telecommunications Ministry said on Monday.
The state-owned landline monopoly owns 45 percent of Vodafone Egypt, which had been withholding dividends since 2012 due to difficulties repatriating its profits. In April it agreed to release at least EGP 3.34 billion in withheld dividends.
Telecom Egypt was entitled to EGP 1.5 billion of those payments and the dividends were to be paid in two installments in April and June.
Vodafone's general assembly agreed to issue the dividends to shareholders on Sunday.
"The Vodafone General Assembly meeting decided yesterday to issue dividends to shareholders. Telecom Egypt's share of that will be 750 million pounds," the source said.
*The official exchange rate for $1 = EGP8.78