|
|
Telecom Egypt Awaits Decision on Sale of Vodafone Stake
Published on:
Telecom Egypt may be required to sell its 45% stake in Vodafone's local mobile network in order to secure its own MVNO licenses, the company has confirmed.
It is currently waiting for a decision on the matter from the telecoms regulator.
"We are waiting for a decision by the regulator on whether we will be forced to divest from Vodafone Egypt or just leave our seats on the board of directors," Ahmed Labib, Telecom Egypt's investor relations manager told Bloomberg News.
Last month the regulator outlined plans to move all the telecoms licenses to universal licenses - by granting permission for the mobile networks to resell Telecom Egypt's landline services, and for Telecom Egypt to offer mobile services -- through an MVNO agreement.
As Telecom Egypt owns a 45% stake in Vodafone Egypt, the regulator is considering if it should be forced to sell the stake to preserve competition in the market. There has been concern that a sale could affect the landline monopoly's profits though, which are heavily dependent on its Vodafone shares.
In related news, Telecom Egypt's CEO, Eng. Mohamed El Nawawi confirmed that the company would be ready to launch its MVNO services within 6 weeks of being granted the operating license.
On the webs: Bloomberg News - Mubasher
Tags: [telecom egypt] [Egypt]
|
| |
|
| |
|
| |
|
| |