Abd El Hameed Sabry - 2016-11-08 12:26:47
Orange Egypt is expecting to receive frequencies for fourth-generation networks from the country’s telecoms regulator NTRA by next February, chief executive Jean-Marc Harion said Monday.
Internet speed will be 10 times higher than before once operating the new 4G mobile services, Harion asserted during a press conference in Cairo.
Harion further said that his company has investments worth 32 billion Egyptian pounds ($1.8 billion) in the North African country. After obtaining the licence to start providing 4G services, Orange Egypt is expected to achieve higher growth rates and take data transmission services to the next level.
Orange outlets in Egypt will start providing new SIM cards that supports 4G technology to customers totally for free.
Orange Egypt was previously studying three scenarios targeting liquidity increase; the first is to attract local investors into partnerships, the second is to offer more shares for free floating while the third is to adopt both of those scenarios. However, Orange Egypt CEO says it is not the proper time to realise any of these scenarios.
Harrion also hinted that operating costs may get affected due to volatile dollar exchange rates, however, Orange Egypt will do its best to overcome this crisis and keep a stable profit rates.
Orange Egypt announced earlier that it had approved a 500 million euro ($553 million) loan from its parent company to cover the cost of a licence that will let it operate fourth-generation mobile phone services.
Orange Egypt CEO said with the foreign currency component secured, 100% of the total funding requirement is met, as the company has already paid the portion due in Egyptian currency. More»