Telecom Egypt agrees to collect MNOs’ foreign currency dues in EGP with an interest rate of 3.5% per annum
Telecom Egypt (TE) [ETEL.CA] has agreed to collect the mobile network operators’ (MNOs) foreign currency dues in EGP, bearing an interest rate of 3.5% per annum. This should alleviate some of the pressures on MNOs to pay the 50% USD tranche for the 4G licence, according to Al Borsa. TE offers infrastructure services to MNOs and only a small portion is paid in USD. (Al Borsa) Telecom Egypt: EGP9.76 as of 28 August 2016, Rating: Neutral, FV: EGP10.25 per share, MCap: USD1,876mn, ETEL EY / ETEL.CA
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