Etisalat Misr increases paid capital by 23.16%

Etisalat Misr announced the shareholders’ approval to increase its paid capital by 23.16 percent or 4.5 billion pounds, to reach 19.43 billion pounds.

Chief Executive Officer of Financial Sector at Etisalat Misr Ihab Roshdy said in a statement that the purpose of this increase is to finance the expansions that the company targets in the upcoming period.

Roshdy confirmed that the new capital was pumped by the old investors in Etisalat Egypt.

According to the statement, shareholders in Etisalat Misr are Emirates Telecom Group (by 66 percent), Al-Bared Investment Company (by 20 percent), UAE DIFC LLC and UAE Das Holding Company (by 5 percent for each of them), Saudi Technical Investment Company and Al Naboodah Investment Company of UAE (by 1.5 percent) and Mawared for UAE Finance (by 1 percent).

Etisalat Misr has invested 48 billion pounds in Egypt for 10 years, allocating LE 10 billion to get the fourth generation license and network improvement.

Etisalat Misr is a subsidiary of Etisalat group, with total presence in 16 countries across Africa, Middle East and Asia. Etisalat group entered the Egyptian market and commercially launched in May 2007. Source: Egypt today