Telecom Egypt CEO Mohamed al-Nawawi said the company has LE5 billion in cash and does not need to borrow from banks to pay the fees of the mobile license that it has recently obtained.
“The service starts in June,” he said, explaining that the company is interested in broadband and not frequency services.
He added that Telecom Egypt offers services worth LE4 billion to mobile phone companies. “This makes us a key partner,” he said. “We give them infrastructure for LE1 billion and retail services worth LE30 billion.”
He also said the company is competing in the retail sector.
Nawawi declined to comment on his company selling its 45 percent share in Vodafone. “it was a General Assembly decision,” he said. “Also, there is no point owning minority shares in other companies.”
“We aim to attract five million subscribers within 12 months,” he said, adding that the telecom market made a turnover of LE35 billion last year, of which LE30 billion were from mobile phones.
Government-owned Telecom Egypt recently acquired the liscense to expand into the mobile phone market. It is not the fourth mobile phone company, competing with Etisalat, Vodaphone and Mobinil.
Edited translation from Al-Masry Al-Youm
