Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Telecom Egypt Wants More Exposure to Cell Phone Market

Nov. 11 (Bloomberg) -- Telecom Egypt, the country’s fixed-line telephone monopoly, is seeking to increase its investment in the mobile-phone market, Tarek Tantawy, chief executive officer and managing director, said.

“Our discussions with Vodafone have been basically put on hold and we continue to explore other options which I will not be able to go in to detail,” Tantawy said in a telephone interview. “We continue to explore options and there are other ways of getting exposure.”

Vodafone Group Plc, the world’s largest mobile-phone company, said on June 1 it won’t sell its 55 percent stake in its Egyptian unit to Telecom Egypt.

Telecom Egypt, which owns 45 percent of Vodafone Egypt, the country’s second-largest mobile-phone operator, had approached Vodafone about the stake, a person familiar with the matter said in May.

Cairo-based Telecom Egypt is focusing its expansion plans on Egypt and not abroad, Tantawy said after the company released its third-quarter earnings. “Our aim is to become a total communication provider in our home country,” he said.

Egyptian broadband penetration, currently at 6 percent of households, is expected to grow five-fold within the next couple of years, Tantawy said.

Shares of Telecom Egypt fell 0.3 percent to 17.4 Egyptian pounds at 11:59 a.m. in Cairo, valuing the company at 29.7 billion pounds ($5.16 billion).

To contact the reporter on this story: Mahmoud Kassem in Cairo at

To contact the editor responsible for this story: Vidya Root at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.