Telecom Egypt’s board announces tentative approval for acquiring 4G licence
Telecom Egypt’s (TE) [ETEL.CA] board has announced its tentative approval of acquiring the upcoming 4G licence in Egypt. The board has also authorised the company’s CEO, Tamer Gadallah to negotiate with banks on potential facilities for financing the licence. TE is seeking a EGP5bn loan from National Bank of Egypt (NBE). In related news, Orange Egypt has also sent its approval on the 4G licence terms to the National Telecommunication Regulatory Authority (NTRA). (Company disclosure, Al Alam Al Youm) Telecom Egypt: EGP9.27 as of 31 July 2016, Rating: Buy, FV: EGP12.21 per share, MCap: USD1,782mn, ETEL EY / ETEL.CA
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