Tuesday, Mar 06, 2007
CAIRO (Zawya Dow Jones)--Telecom Egypt, the country's only fixed-line service provider, said Tuesday that it won't submit a bid for Saudi's second fixed-line license.
"The deadline for submission is March 10 and we decided not to submit any bids," Tarek Tantawy, head of investor relations at Telecom Egypt, told Zawya Dow Jones.
"We don't think it is attractive enough and it doesn't create value for our shareholders," he said.
Telecom Egypt will continue to look for opportunities to expand as they arise.
"We look at each opportunity as it emerges, but there is nothing specific at the moment," Tantawy said.
Telecom Egypt said December that it was mulling a bid for Saudi Arabia's second fixed-line license.
The new land phone license will break Saudi Telecom's monopoly over the Kingdom's landline phone services.
-By Maha El Dahan, contributing to Dow Jones Newswires, +20122267850, mahaeldahan@yahoo.com
Copyright (c) 2007 ABQ Zawya Ltd.
(END) Dow Jones Newswires
06-03-07 0918GMT
