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Press Releases

Telecom Egypt signs Settlement with Etisalat Misr

23 January 2018
Telecom Egypt (Ticker: ETEL.CA; TEEG.LN) announces that it has reached a final settlement agreement with Etisalat Misr in regards to a dispute on international calls services. The settlement covers amounts relating from the start of rendering services to Etisalat Misr and until 13 June 2017. According to the settlement, Telecom Egypt will pay USD 48mn to Etisalat Misr to mitigate an exposure of more than USD 100mn. The settlement agreement was signed yesterday by Telecom Egypt and marks the end of all disputes with all mobile operators in Egypt. In terms of financial impact on the P&L, Telecom Egypt had already formed provisions covering the total amount in Q4 2017.
Ahmed El Beheiry, te’s MD and Chief Executive Officer, commented:

“We are pleased to reach a final settlement with Etisalat Misr as we embark on a new era, where we are mitigating uncertainty and risk, while cleaning our balance sheet to ensure smooth financial performance in the future. The new phase also emphasizes on the importance of partnership as the key to secure ongoing cooperation with all mobile operators.”