CAIRO: As part of an expansion plan, the telecommunications company Etisalat is set to pump between 10 billion EGP ($1.4 billion) to 12 billion EGP in new investments into the communication sector in the next five years, said Etisalat Executive Manager Saed Al-Hamely in an interview with Al-Bayan newspaper Tuesday.
In addition to the 10 billion EGP to 12 billion EGP investments, the company’s investment in Egypt since it was founded in 2006 has exceeded 30 billion EGP, Al-Hamely added.
Etisalat is also consulting with investment banks to offer part of its shares on the Egyptian Stock Exchange (EGX) in the future, Bloomberg reported Aug. 4. The company may offer up to $500 million in shares.
Etisalat is one of only three mobile phone operators in Egypt, along with Vodafone and Mobinil.