Telecom Egypt (TE) [ETEL.CA] is currently in negotiations with state-owned banks over a EGP5bn loan. According to Al Shorouk newspaper, the proceeds of the loan will be used to bid for the 4G licence. The National Bank of Egypt (NBE) is currently negotiating with other banks to form a consortium to provide the company with the required funds. As of March 2016, TE had a net cash position of EGP2.7bn. TE said that it constantly negotiates with lenders to achieve its strategy, whereby it plans to continue to upgrade its network until 2020. (Al Shorouk, company disclosure)   Telecom Egypt: EGP8.39 as of 29 May 2016, Rating: Buy, FV: EGP12.21 per share, MCap: USD1,613 million, ETEL EY / ETEL.CA