The EGX decides to stop trading on the shares of “Telecom Egypt”

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Cairo – Mubasher: The Egyptian Stock Exchange decided to stop trading on Telecom Egypt shares.

The stock exchange said in a statement today, that the suspension will be held until a statement from the company is announced.

Amr Talaat, Minister of Communications and Information Technology, witnessed the signing of a modified shareholders’ agreement between Telecom Egypt and Vodafone International.

The agreement includes amending the dividend policy of Vodafone Egypt so that Vodafone Egypt pays exceptional dividends estimated at 10 billion Egyptian pounds to shareholders during the current year 2021, two billion pounds of which were already disbursed last March, according to a statement issued by the ministry today.

During the first quarter of 2021, Telecom Egypt achieved profits of 2.12 billion pounds during the three months ending in March 2021, compared to 1.31 billion pounds in the comparative quarter of 2020, taking into account minority rights.

The company’s consolidated revenues rose to 8.4 billion pounds at the end of March 2021, compared to 7 billion pounds in the comparative quarter of 2020.

As for the independent financial statements, the company’s net profit amounted to 1.85 billion pounds in the first quarter of 2021, compared to 566.91 million pounds in the first quarter of 2020.

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