Vodafone to distribute profits of LE5.5B to Telecom Egypt

Egypt Telecom and Vodafone Egypt signed an agreement in the field of messaging, infrastructure and distribution of profits in the presence of Minister of Communications Amr Talaat.

Talaat elaborated that the first agreement is about the distribution of profits of Telecom Egypt at Vodafone, which amounts to LE 5.5 billion. The profits will be disbursed by LE 4.8 billion in March 2019 and LE 700 million in June 2020.

He added that the total distribution of profits for Telecom Egypt since the signing of the partnership contract between the two companies amounted to LE 8 billion.

Ministry of Communications added in a statement that the second agreement between the two companies tackled the provision of messaging services and infrastructure.

Upon this agreement, Vodafone's current and future needs will be covered by local messaging, while the infrastructure agreement represents a new collaboration between the two companies. Telecom Egypt will provide fiber optic access services to the Vodafone network.