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Telecom Egypt Pays $806 Million for 4G License; Shares Gain

  • State-controlled fixed-line carrier needs wireless for growth
  • Shares rise 3.1 percent in Cairo after higher intraday gains
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Telecom Egypt is set to become the country’s fourth mobile carrier after acquiring a 4G license Wednesday as the state-controlled landline monopoly seeks to keep up with rivals.

The carrier, 80 percent owned by the government, bought the license for 7.08 billion Egyptian pounds ($806 million), Chief Executive Officer Tamer Gad Allah said at a news conference in Cairo. The company will begin trial operations within six months of receiving its frequencies.