Arab Finance: Telecom Egypt (WE) will gain a profit of EGP 4.5 billion based on the agreement with Vodafone, Ayman Essam, Head of External and Government Relations and Legal Affairs at Vodafone Egypt, said.
WE received EGP 2 billion that disbursed last March, and it is expected to receive another EGP 2.5 billion by the end of this month subject to the approval of the general assembly of Vodafone Egypt.
WE own 45% of Vodafone Egypt while Vodafone International owns 55%.
On June 7th, Telecom Egypt and Vodafone International Group signed an amended shareholder agreement on some financial and investment transactions in Vodafone Egypt.
The listed company launched WE Access to supports Small and Medium Enterprises (SMEs) in developing their businesses and promotes digital transformation.
Telecom Egypt posted a consolidated net profit before minority interest of EGP 2.124 billion in quarter one 2021.
Telecom Egypt is an Egypt-based joint-stock company, which is engaged in the provision of public communications and associated products and services.
The company operates under the following segments: communications, marine cables, and infrastructure; internet services, as well as outsourcing services. It offers a range of fixed-line and retail telecommunications services, as well as wholesale telecommunications services.
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