Telecom Egypt Buys Rest of TE DataTelecom Egypt Buys Rest of TE Data

CAIRO -- Telecom Egypt (TE) (Ticker: ETEL.CA; TEEG.LN) announces the purchase of the remaining 4.95% of shares in its broadband subsidiary, TE Data, from three local Egyptian banks. This takes TE’s ownership in TE Data to 100% with immediate effect.

Commenting on the move, Mr. Tarek Tantawy, Chief Executive Officer & Managing Director of Telecom Egypt said:

“The Egyptian telecommunications market is in an immensely dynamic phase and broadband sits at the heart of this revolution. Demand for broadband data access and services is projected to grow significantly over the next three to five years and TE’s vision is to lead from the front.

“TE Data has consistently been one of our best performing subsidiaries, delivering revenue growth of 27% CAGR over the last five years. We expect the importance of this segment to grow further going forward and, as such, have taken advantage of the opportunity to establish full ownership of the business.”

Telecom Egypt