Telecom Egypt to receive second tranche of dividends worth EGP750mn from Vodafone Egypt; Vodafone Egypt appoints new CEO
Telecom Egypt (TE) [ETEL.CA] is set to receive the second tranche of dividends worth EGP750mn from Vodafone Egypt (VFE) in the coming days. The company had previously announced in its general assembly meeting dated 30 March that TE would receive cEGP1.5bn of dividends from VFE to be paid in two tranches in April and June. In other news, VFE appoints Stefano Gastaut as CEO effective September, 2016. Gastaut previously held the position of CEO of Vodafone Group’s Partner Markets, which includes 38 partners in 50 markets. (Reuters, Daily News) Telecom Egypt: EGP8.12 as of 27 June 2016, Rating: Buy, FV: EGP12.21 per share, MCap: USD1,561 million, ETEL EY / ETEL.CA
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