Akil Bashir; Telecom Egypt’s Backbone Resigns

Eng. Akil Bashir has participated in forming the future of Telecom Egypt for more than one decade, during which the company remained a provider of land line services and one of the most important pillars of the communications and information technology sector in Egypt. 

Under the resigned CEO Akil Bashir’ chairmanship,Telecom Egypt has invested in submarine cables since the beginning of 2007. The company launched these cables at a cost of about $ 150 million, achieving nearly 176 million before the launch. The consolidated revenues of selling 40% of these cables amounted to about $ 220 million. 60 % of the capacity of the cables is still on sale. Whereupon, investment in submarine cables was a successful decision, given that it allowed the company to achieve high profits.

One year after Akil took office, TE Data, the Egyptian company for data transfer, has been established. According to statistics provided by the Ministry of Communications and Information Technology, TE Data acquired 63% of the market share of internet services.

In 2005, Beshir managed to list Telecom Egypt’s stocks in the EGX (ETEL.EY) and London Stock Exchange (LSE) (TEEG.LI). This transformed Telecom Egypt from a governmental body into a shareholding company with 20% of its shares registered in EGX.