Telecom Egypt Stock Rises 5% After Mobile Service News

Big 5

The stock of landline operator Telecom Egypt (ETAL-CA)(TE) has risen on Sunday backed by the news that the Prime Minister promised to allow the company to provide mobile services in one month.
The stock advanced 4.94% to EGP 13.17, after more than 509 shares were exchanged in 318 transactions at above EGP 6.7 million.
CEO Mohamed El Nawawi, during a visit to Marsa Matrouh central, told TE workers that he received a pledge from the Egyptian government that the company will be allowed to foray into the country’s mobile phone market within a period not exceeding one month.
The top official said he received a verbal promise from the Prime Minister to operate the mobile service within one month.
El Nawawi told Shorouk newspaper his company is fully prepared to kick off the service three weeks only after being licensed.
Minister of Information and Communication Technology Atef Helmy has previously reiterated commitment to award TE a mobile license in return of granting other mobile companies the right to operate in fixed line segment.