Vodafone Egypt to invest $1.3 bln over three years on network
CAIRO (Reuters) – Vodafone Egypt will invest around 9.5 billion Egyptian pounds ($1.3 billion) over the next three years to improve its network, its recently appointed chief executive said.
Vodafone Egypt, which is also 45-percent owned by fixed-line telecoms firm Telecom Egypt, is the leading communications player by customer numbers in the country of 86 million.
Egypt is finalising the details of a long-awaited unified licence which will allow firms to offer both mobile and landline telecommunications. [ID:nL6N0PD32U]
To gain access to Telecom Egypt's fixed line network is expected to cost 100 million pounds.
Vodafone Egypt is still studying the possibility of offering landline services and has not reached a decision, Essam said.
Telecom Egypt has been given a one-year deadline to sell its stake in Vodafone Egypt once the unified licence is activated. [ID:nL5N0MU2FH]
Asked about the progress of the sale, Essam said it was a matter for the board of Vodafone Group and shareholders.
Essam was appointed as CEO this month.
($1 = 7.1500 Egyptian Pounds)
(Reporting by Ehab Farouk; Writing by Shadia Nasralla; Editing by Mark Potter)