The three mobile network operators (MNOs) in Egypt, Vodafone Egypt (VFE), Orange Egypt and Etisalat Misr have all rejected the 4G licence terms, according to Bloomberg. MNOs’ main objection is the quantity of 4G spectrum offered, which -according to the MNOs- is insufficient to be able to offer high-quality service to their subscribers. However, the Executive President of the National Telecommunication Regulatory Authority (NTRA), Moustafa Abdel Wahed, stated that the offered spectrum is initially sufficient to offer the service and later on, more 4G spectrum would be offered. Telecom Egypt (TE) [ETEL.CA] would be interested in acquiring additional 4G spectrum that would not be taken by the MNOs, according to unnamed sources. The government will consider other means of offering the licence, at NTRA’s BoD meeting in 10 October 2016, including an international auction. Zain Group, Saudi Telecom Company (STC), Lebara KSA and China Telecom have all shown interest in acquiring the licence. However, Zain Group was the only international operator to submit an official letter of interest. VFE and Orange Egypt both stated that they would be ready to acquire the 4G licence if the terms and conditions are revised. Minister of Communications and Information Technology, Yasser Al Kady, had previously stated through several media outlets that foreign operators would only be allowed to bid for the said licence if the local MNOs walked away. Three licences would be offered in a bidding process, and the full payments would be made entirely in USD in cash. (Bloomberg, Reuters, Orange Egypt disclosure, Al Borsa)   Telecom Egypt: EGP9.38 as of 22 September 2016, Rating: Neutral, FV: EGP10.25 per share, MCap: USD1,803mn, ETEL EY / ETEL.CA Saudi Telecom Company: SAR56.95 as of 21 September 2016, Rating: Neutral, FV: SAR68.29 per share, MCap: USD30,373mn, STC AB / 7010.SE