Egypt’s business digest Sept. 22: Egypt’s three mobile operators reject 4G licenses -two officials
The Vodafone logo can be seen on top of a building outside Madrid, Spain, April 13, 2016. REUTERS/Andrea Comas
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CAIRO: No more browsing from site to site, view the top business news stories on Sept. 22 here:

Egypt’s three mobile operators reject 4G licenses -two officials

(Reuters) Egypt’s three existing mobile phone operators have declined to buy its fourth-generation licenses, two Egyptian telecoms officials told Reuters on Thursday.

The companies, Vodafone, Orange and Etisalat, did not respond to repeated requests for comment. The Egyptian officials declined to be named as no official announcement had yet been made on the matter.

Telecom Egypt, the country’s fixed-line monopoly, last month acquired the 4G license at a cost of 7.08 billion Egyptian pounds ($797 million). The move will allow it to enter the mobile phone market directly for the first time.

Thursday was the deadline for the three existing mobile companies to respond to the government’s offer to buy 4G licenses.

 

 

Egypt to float United Bank of Egypt – c.bank governor

(Reuters) Egypt’s central bank plans to float the United Bank of Egypt, in which it holds a 99 percent stake, in an initial public offering, Governor Tarek Amer said on a talk show on Sunday.

The United Bank was formed out of the merger of three failing banks which the central bank acquired in 2006.

“We are in the process of getting rid of it. We are not supposed to own the United Bank, we just bought it for a specific purpose, to fix it. Now that the reform process has started we will float it,” Amer said.

The last time state-owned companies were listed on the Cairo exchange was in 2005 when shares of Telecom Egypt, the state’s landline monopoly, and oil companies Sidi Kerir Petrochemicals and AMOC were floated.

The state owns vast swathes of the economy, including three of its largest banks – National Bank of Egypt, Banque Misr and Banque Du Caire – along with much of its oil industry and real estate.

 

Egypt’s GASC amends tender specifications in line with new ergot policy

(Reuters) Egypt’s state grain buyer, the General Authority for Supply Commodities (GASC), has amended its tender booklet to reflect the country’s change on ergot fungus policy to a tolerance level of 0.05 percent, it said on Thursday.

GASC’s tender booklet is the document outlining terms and wheat specifications for its purchase tenders.

The country reversed its controversial zero-tolerance policy on the common grain fungus on Wednesday after the policy had all but blocked Egypt’s access to global wheat.

Egypt, the world’s largest wheat buyer, is tapping the global grain market for wheat to be shipped Oct. 21-31, having failed in its three precious tenders.

 

Egyptian pound steady at Thursday auction

The Central Bank of Egypt has kept the pound steady against the US dollar at its official foreign currency auction on Thursday, with the unchanged rate of 8.88 per dollar, data from the bank showed.

 

 

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