The National Telecommunication Regulatory Authority (NTRA) refused to change any payment terms for the 4G licence, chiefly, the USD tranche payment. NTRA also refused to offer more 4G spectrum to the operators that have repeatedly asked for a wider 4G spectrum, according to a high ranking source at the NTRA. Operators are requesting a minimum of 60MHz,while the government is only offering 40 MHz for the four operators. In other news, Vodafone Egypt (VFE) and Orange Egypt have both backed off from acquiring the international gateway licence, according to unnamed sources. Both operators believe the licence is overpriced at EGP1.8bn. Moreover, both operators have secured wholesale agreements with Telecom Egypt (TE) [ETEL.CA] until 2019. (Al Mal, Al Borsa)   Telecom Egypt: EGP9.28 as of 08 August 2016, Rating: Buy, FV: EGP12.21 per share, MCap: USD1,784mn, ETEL EY / ETEL.CA