Managing Director and CEO of Telecom Egypt Adel Hamed, and Chairman and CEO of the Independent Power Transmission Operator (IPTO) Manos Manousakis signed the MoU in the presence of the two ministers.
The commitment of Vodacom to the deed of adherence of the shareholders’ agreement as was reported to us by Vodafone Egypt confirms Vodafone Groups’ commitment to the strategic partnership with Telecom Egypt and the Egyptian market.
First Abu Dhabi Bank PJSC (“FAB”) and Mashreq Bank PSC (“Mashreq”) were mandated as Joint Coordinators, Underwriters, Bookrunners, and Initial Mandated Lead Arrangers of the facility, similar to the medium-term syndicated loan obtained in October 2018.
The company has appointed First Abu Dhabi Bank and Mashreq Bank to arrange the planned loan, which is expected to have a six-year term.
Egypt’s ICT sector will also be the focus of a Covid Recovery Roadmap (CRR) report by OBG, including a case study on Telecom Egypt’s experience.
The MoU aims to achieve optimal utilization of the terrestrial network that connects the two countries and develop it with the latest technologies to support the transportation of international traffic.
The company added that its consolidated revenue reached LE 31.9 billion during 2020, with an annual increase of 24 percent.
This cooperation comes within the framework of Telecom Egypt’s strategy to achieve growth by developing and modernizing the infrastructure to provide computing services, infrastructure services and software services.
Under the agreement, Google will obtain international capacities for Europe through the TE North submarine cable system owned by Telecom Egypt.
The agreement was signed during a video conference by Telecom Egypt Managing Director and CEO Adel Hamed and President of Ericsson in the Middle East and Africa region Fadi Pharaon.
The center is expected to be commissioned by the beginning of 2021, with access to all the global submarine cable systems that land in Egypt.
The company's financial indicators revealed that revenues hit LE 14.94 billion during the first half of 2020, up from LE 12.69 billion in the same period of 2019, with a growth of 18 percent.
The first agreement entails a development of Telecom Egypt transmission and infrastructure services' commercial model with Etisalat Misr.
In a statement on Thursday, Telecom Egypt CEO Adel Hamed said the company is exerting strenuous efforts to support the state in the face of the pandemic.
Under the offer, the subscribers will enjoy unlimited calls to land line and WE mobile users.
This step coincides with the decision to suspend schools and universities for a period of two weeks as part of the precautionary measures taken by the state to confront coronavirus.
Telecom Egypt has won 2019 top infrastructure services provider award at bt100 Awards, Tuesday.
During the fourth quarter, the company turned into profitability, reaching consolidated profits of LE 1.2 billion, compared to a loss of LE 209.25 million during the same quarter of 2018.
The anti-monopoly body said it had received a formal request from Vodafone Egypt to investigate the legality of such move.
The move comes following Saudi Telecom Company (STC) bid to acquire the 55-percent stake of Vodafone Group (VOD.L) in Vodafone Egypt.