Telecom Egypt’s CEO Nawawi Still in Office; Say Senior Sources

Senior sources in Telecom Egypt (ETAL-CA) denied what was circulated around Atef Helmy’s Minister of Information and Communication Technology request to TE’s board of directors  for the dismissal of Mohamed Al-Nawawi,CEO and Managing Director of TE due to the company’s delay in the participation of the unified entity of infrastructure.

Sources added in statements to Amwal Al Ghad on Monday that the participation in unified entity is an investment decision by board of directors.

TE’s ownership distributes between 80% public ownership and 20% Stocks listed on the EGX.

Al-Nawawi has previously said TE will take part in any investments as long as it won’t affect on the company’s current investments.

The three mobile operators including Vodafone, Mobinil and Etisalat in addition to 8 ministries such as Investment, Finance, Defense, Trade and industry , ICT and planning ministries will take part in the Unified entity.

Meanwhile, TE attained EGP3.868 billion revenues within the second quarter of the current year in compared to EGP2.77 billion during the same period of the last year, move up by 39.5%.