Telecom Egypt Co SAE logo

32QX - Telecom Egypt Co SAE News Story

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Sector
Telecoms
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £1.34bn
Position in Universe th / 1807

Telecom Egypt S.A.E - TE Renews International Service Agreement

Mon 6th November, 2017 7:00am
RNS Number : 5880V
Telecom Egypt S.A.E
05 November 2017

Telecom Egypt Renews International Wholesale Service

Agreement with Vodafone Egypt

Cairo,Nov. 2, 2017:Telecom Egypt (te) (Ticker: ETEL.CA; TEEG.LN), announced signing the renewal of the long-term agreement with Vodafone Egypt, to provide international call conveyance services. The agreement will take effect from September, 2017, and extends to year-end 2022.

The agreement is expected to represent a total value for Telecom Egypt of approximately EGP 12 billion throughout the agreement term.

The renewed agreement extends the terms of the bilateral commercial commitments between both companies for more than 5 years, to ensure Telecom Egypt's leadership position in the international calls conveyance services to and from the Egyptian market.

The renewal of the agreement's conditions will come to serve the interests of Telecom Egypt and Vodafone Egypt as it includes mechanisms to cope with the current market dynamics and to enable both parties to cooperate in fighting the international fraudulent traffic activities and limit the illegal bypass routes for international calls, while maximizing returns on Telecom Egypt's international gateway.

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For more information, contact:

Mohamed Kamal

Investor Relations Director

Tel: +202 3131 5219

Fax: +202 3131 6115

Email: investor.relations@te.eg

About Telecom Egypt

Telecom Egypt (TE), Egypt's incumbent telecommunications operator, started its operations in 1854 with the first telegraph line in Egypt. Then it was corporatized in 1998 to replace the former Arab Republic of Egypt National Telecommunication Organization (ARENTO). The Company is the largest provider of fixed-line services in the Middle East and Africa with 6.7 million subscribers as at 30 June 2017.

TE provides retail telecommunication services including access, local, long distance and international voice, Internet and data, and other services. The company also provides wholesale services including bandwidth capacity leasing to ISPs, and national and international interconnection services. Telecom Egypt's services also include the provision of narrowband and broadband internet access through its subsidiary TE Data. TE Data has active operations in Egypt and Jordan.

TE currently participates in the mobile segment in Egypt by providing mobile interconnectivity through its current, increased 44.95% holding in Vodafone Egypt, one of the three existing Egyptian mobile operators.

TE shares and GDRs (Ticker: ETEL.CA; TEEG.LN) are traded on The Egyptian Exchange and the London Stock Exchange.


This information is provided by RNS
The company news service from the London Stock Exchange
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