Telecom Egypt agrees settlement with Orange Egypt

Telecom Egypt has confirmed that it has signed a final settlement agreement with Orange in respect of the ongoing disputes between both companies.

In terms of financial impact for Telecom Egypt, the company will book within the fourth quarter of 2017 on its P&L additional revenue of 49 million Egyptian pounds and impairment to receivables of 22 million.

The latter, however, is a non-cash charge and the settlement agreement in fact will lead to a net positive cash flow to Telecom Egypt of 74 million. Ahmed El Beheiry, Group Chief Executive, commented: “We are pleased with the resolution of our dispute and the settlement achieved, which was enabled by the mutual cooperation between Telecom Egypt and Orange.

This marks the complete resolution of the longstanding legal disputes with Orange.

The settlement agreement strengthens our collaboration and paves the way to the framework we will agree on in the future. We look forward to expanding our business relationship with Orange.” Story provided by StockMarketWire.com Source: BFN News

Comments
Loading...