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Telecom Egypt Surges on Mobile License Approval: Cairo Mover

Telecom Egypt Co., the country’s monopoly fixed-line telephone provider, rose to the highest in almost 11 months after a license to provide mobile services using its competitors’ networks was approved.

The shares gained 2.1 percent to 14.68 Egyptian pounds, the highest close since Feb. 14, raising the company’s value to 25.1 billion pounds ($3.6 billion). The stock rose 3.8 percent this year, while the benchmark EGX 30 Index jumped 24 percent.