Fixed line monopoly operator Telecom Egypt’s board of directors agreed to pay 2.5 billion Egyptian pounds ($356.76 million) for a mobile licence, the firm said in a statement on Monday.
The telecommunication’s minister announced last month that Telecom Egypt (ETEL.CA) was offered a mobile licence for 2.5 billion Egyptian pounds but that it would not include new frequencies, such as 4G mobile broadband services.
“The firm’s board of directors agreed in its emergency meeting on May 4 to obtain the mobile phone licence without frequencies in return for 2.5 billion Egyptian pounds,” the statement said.
The head of telecoms regulator Hesham El Alaily said last month that an auction of radio spectrum for 4G mobile broadband services would be held in June 2016.
Until then Telecom Egypt will be able to offer mobile services through the networks of Egypt’s three existing mobile phone service providers.