Vodafone Egypt (VFE), which is 45%-owned by Telecom Egypt (TE) [ETEL.CA], requested additional spectrum frequencies from the National Telecommunication Regulatory Authority (NTRA) for 2018 and 2019, according to VFE’s external affairs and legal director, Ayman Essam. On a related note, the government said it is ready to provide additional frequencies to be charged in USD, according to Minister of Communication and Information Technology Yasser El Kady. In a separate context, VFE plans to increase capital expenditure by 10% in the next three years from cEGP9.5bn spent from 2015 until 2017, according to Essam, who added that the company does not plan to incur any additional debt for now.
 
Telecom Egypt: EGP13.46 as of 3 Dec. 2017, Rating: Buy, TP: EGP15.70/share, MCap: USD1,299mn, ETEL EY/ETEL.CA