The state-owned landline monopoly owns 45 percent of Vodafone Egypt,
which had been withholding dividends since 2012 because of difficulties
repatriating profits. In April it agreed to release at least 3.34
billion pounds in withheld dividends.
Telecom Egypt to receive second tranche of withheld dividends from Vodafone
Telecom Egypt
will receive a second tranche of withheld dividends from Vodafone Egypt
amounting to 750 million Egyptian pounds ($84.46 million), a source
from the Telecommunications Ministry said on Monday.
The state-owned landline monopoly owns 45 percent of Vodafone
Egypt, which had been withholding dividends since 2012 because of
difficulties repatriating profits. In April it agreed to release at
least 3.34 billion pounds in withheld dividends.
Telecom
Egypt was entitled to 1.5 billion pounds of those payments and the
dividends were to be paid in two instalments in April and June.
Vodafone's general assembly agreed to issue the dividends to shareholders on Sunday.
"The
Vodafone General Assembly meeting decided yesterday to issue dividends
to shareholders. Telecom Egypt's share of that will be 750 million
pounds," the source said.
($1 = 8.8799 Egyptian pounds)