Tag: telecomms

  • Telecom Egypt starts working on EGP 40bn telecom network in new capital

    Telecom Egypt starts working on EGP 40bn telecom network in new capital

    Telecom Egypt announced signing a deal with the Administrative Capital for Urban Development (ACUD) to establish and operate telecommunications networks in the New Administrative Capital. The state-owned telecom operator will also provide the new capital’s smart services and security systems, according to two separate statements released by the cabinet and Telecom Egypt on Wednesday. Telecom […]

  • LG Electronics eyes $300m sales in Egypt in 2020

    LG Electronics eyes $300m sales in Egypt in 2020

    LG Electronics aims to achieve sales of $300 million in Egypt in 2020, the company’s marketing manager Mohamed Geddawy said. The company’s TV market share reaches 33% in the most populous Arab nation, he added on the sidelines of a conference on Thursday. LG Electronics inaugurated a new branch with investments of EGP 15 million […]

  • Global Telecom Holding pays second tax instalment of $82.3m

    Global Telecom Holding pays second tax instalment of $82.3m

    Global Telecom Holding (GTH) paid the second tax instalment of $82.3 million, head of the Egyptian Tax Authority (ETA) Abdel Azim Hussein said. Such payment was made at the Egyptian Exchange’s (EGX) premises, according to a statement on Tuesday. In June, GTH signed a tax settlement deal worth $136 million with the ETA. The amount […]

  • Renaissance Capital sets Telecom Egypt’s TP at EGP 17

    Renaissance Capital sets Telecom Egypt’s TP at EGP 17

    Renaissance Capital has set the target price (TP) of Telecom Egypt’s stock at EGP 17, with an overweight recommendation. The research company referred to the sluggish growth of the number of new subscribers in mobile services in the second quarter of 2019. Telecom Egypt reported a 3% year-on-year profit hike during the first half of […]

  • EGX executes mandatory tender offer for GTH’s shares at EGP 9.7bn

    EGX executes mandatory tender offer for GTH’s shares at EGP 9.7bn

    The Egyptian Exchange announced the closure of the mandatory tender offer for shares of Global Telecom Holding (GTH) submitted by VEON Holdings B.V. at a combined value of EGP 9.72 billion. The total number of shares tendered reached 1.9 billion, the EGX said in a statement on Thursday. The EGX decided to delist GTH’s shares […]

  • Global Telecom’s board approves three-month extension of VEON’s loan

    Global Telecom’s board approves three-month extension of VEON’s loan

    Global Telecom Holding’s (GTH) board of directors approved the extension of the maturity period of the revolving credit facility of $100 million provided by VEON Holdings B.V., currently maturing on 31 August, for an additional three months. The board also approved utilising an additional amount of $100 million after delisting the company’s shares from the […]

  • du to launch 2nd phase of 5G in UAE by end-2020

    du to launch 2nd phase of 5G in UAE by end-2020

    Emirates Integrated Telecommunications Co (du) plans to launch the second phase of the 5G network in the UAE by the end of 2020, the company’s chief infrastructure officer Saleem Al Balooshi said. The currently being offered 5G technology services represent the first phase of the launch which depends on the existing 4G network, Al-Ittihad newspaper […]

  • Canadian asset manager in talks to invest $1bn in Meraas’ unit

    Canadian asset manager in talks to invest $1bn in Meraas’ unit

    Canada’s Brookfield Asset Management is planning to buy a $1 billion stake in one of Meraas Holding’s unit, according to Al-Bayan newspaper. Informed sources revealed that the deal is still under negotiations, the Emirati newspaper added, quoting Bloomberg. Brookfield manages 2,000 assets across 30 countries in the five continents, as per the Canadian company’s website. […]

  • UAE’s du targets AED 1bn savings by 2020

    UAE’s du targets AED 1bn savings by 2020

    Emirates Integrated Telecommunications Co (du) aims to achieve financial savings of up to AED 1 billion by 2020 as part of its plan to boost the company’s operating efficiency and to cut expenses, the company’s CEO Osman Sultan said. du’s three-year plan to boost operating efficiency will end by 2020 and is expected to save […]

  • GTH’s equity valued at EGP 23.26bn

    GTH’s equity valued at EGP 23.26bn

    Global Telecom Holding’s (GTH) board of directors has approved the report issued by Grant Thornton Egypt regarding the valuation of VEON Holdings B.V.’s offer to acquire all of GTH’s operating assets and the mandatory tender offer. GTH’s board has also approved the auditor’s independent limited assurance report released by PricewaterhouseCoopers (PwC) on this study, the […]