Vodafone Egypt owes Telecom Egypt $506.8 mln in deferred profits

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Vodafone Egypt owes Telecom Egypt, the state-owned landline monopoly which owns 48 percent of Vodafone Egypt, 4.5 billion Egyptian pounds ($506.8 million) in deferred profit payments, a ministry of communications source told Reuters on Wednesday.

Vodafone will pay the amount in two instalments, the first in April, the source said.

The government replaced all of its representatives on Telecom Egypt’s board earlier on Wednesday.

source: Reuters