Telecom Egypt unveils New CEO, Chairman

The State-owned landline monopoly Telecom Egypt’s new board has chosen on Wednesday the new chief executive officer and the new chairman.

Osama Yasin has been appointed as chief executive officer and Mohamed Salem has been chosen as chairman

The reason for the removal of CEO Mohamed Elnawawy was not immediately clear.

Earlier on Wednesday the company said it was considering buying treasury stocks after the company’s share price plunged below nominal value.

Telecom Egypt’s share rose by more than four percent on Wednesday before the bourse halted its trading awaiting the new board’s formation.

The government owns 80 percent of Telecom Egypt, which in turn has a 45 percent stake in mobile operator Vodafone Egypt.

Telecom Egypt agreed last year to pay 2.5 billion Egyptian pounds ($327.65 million) for a unified licence that would allow it to enter the lucrative mobile sector, competing against Vodafone Egypt and two other existing mobile providers.

But activation of the licence, approved by the government last year, has been repeatedly delayed.