TE Says Entering Mobile Market Reflects Positively on Shares, EGP23 bln Value

Mohamed Al-Nawawi, CEO of Telecom Egypt (TE)(ETAL-CA), said the total marketing value of TE reached around EGP23billion, according to the price of per-share.

He added that if we subtract the liquidity ratio and Vodafone share from the current price, the rest value won’t give the actual asserts value of TE, asserting that the affected price of the market is due to TE’s limited activities regarding the fixed telephone.

He explained that the entry of the company in the phone services field will reflect positively on the share price in the capital market to become more attractive for investment, stressing that during the current market price is not affected by the results of the successive company’s profits.

TE has announced today its business results at the end of third quarter of this year in a press conference so as disclose the achieve of EGP650million net profits with 22.7% growth rate and EGP2.9billion revenues with 16% growth rate.

It is worth mentioning that the total numbers of TE’s shares are about 1.707.071.600 and the value of per share is EGP10.