REG - Telecom Egypt S.A.E - Board Meeting Resolutions <Origin Href="QuoteRef">ETEL.CA</Origin>

Telecom Egypt Co SAEAnnouncement

02/08/2016 09:15

RNS Number : 9621F
Telecom Egypt S.A.E
02 August 2016
Board of Directors Meeting Resolutions
Cairo, August 1, 2016:Telecom Egypt(te) (Ticker: ETEL.CA; TEEG.LN), today announced that during the Board of Directors meeting held on 28 July 2016, the Board of Directors of the company granted the following:
1) Preliminary approval to obtain a license to establish, operate and manage a 4G network to offer mobile services in Egypt and to complete all relevant negotiations with the National Telecommunication Regulatory Authority (NTRA) to finalize the terms and conditions of the license, in the company's best interest and to maximize shareholder value. The complete study will then be presented to the company's Investment Committee to review and submit its recommendations to the Board of Directors to take the appropriate decision on the matter.
2) Approved the bank finance facilities and delegated to Mr. Tamer Gadalla, Managing Director and Chief Executive Officer of Telecom Egypt, giving him also the right to authorize other third parties to sign and take all necessary processes to contribute in obtaining the license.
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For more information, contact:
Mohamed Kamal
Investor Relations & Media Director
Tel: +202 3131 5219
Fax: +202 3131 6115
E-mail: 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 6.2 million subscribers as at 31 March 2016.
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's 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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