Egypt's prime minister has appointed new government representatives to the board of state-owned landline monopoly Telecom Egypt, his office said in a statement on Wednesday.
The new board of the company will meet on Wednesday
Telecom Egypt (TE) will spend E£3 billion ($393 million) on its infrastructure development this year, the telecom company's chief executive officer was quoted as saying.
The company received a revenue of E£1.2 bill
Fixed-line monopoly Telecom Egypt posted $142.66 million in net profit in the second quarter and said on Wednesday it hoped to obtain a unified landline and mobile license soon allowing it to boost earnings further.
The net profit
Telecom Egypt, the country's fixed-line monopoly operator, reported a 36 per cent fall in first-quarter net profit on Tuesday, saying business was hit by the weak economy.
The company, which is 80 per cent owned by the governm
Egypt's landline monopoly Telecom Egypt expects a newly-formed government to grant it a licence to provide mobile services this month or next, the state-controlled company's chief executive said on Wednesday.
Telecom Egypt has sold rights for the use of part of its infrastructure to a subsidiary of Egypt's Orascom Telecom Media and Technology Holding (OTMT), bringing the subsidiary closer to launching a submarine cable network.
Landline monopoly Telecom Egypt is confident the government will grant it a licence to provide mobile services by the end of the year, its chief executive said on Wednesday.
"We see a reason to be confident that such a licenc
Telecom Egypt reported a 12.8 percent fall in full-year net profit, hit by economic turmoil in the north African country and a further decline in its fixed-line business as customers switch to mobile phones.
The company, which is
Egypt will grant Telecom Egypt a license by mid-2013 to provide mobile services and will later let mobile companies offer fixed-lined services using Telecom Egypt's infrastructure, the industry regulator said.