Telecom Egypt buys remaining TE Data shares

Telecom Egypt intends to "lead from the front" in the country's fast growing data sector, according to CEO Tarek Tantawy.

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Telecom Egypt buys remaining TE Data shares Telecom Egypt hopes to lead in the country's fast growing data sector (Getty Images)
By  Roger Field Published  January 6, 2010

Egypt's incumbent fixed line operator, Telecom Egypt, has gained 100% ownership of its broadband subsidiary, TE Data, after it acquired the remaining 4.95% of shares in the firm from three local Egyptian banks.

Tarek Tantawy, CEO, Telecom Egypt, said that demand for broadband data access and services is projected to grow significantly over the next three to five years and that "TE's vision is to lead from the front."

He added that TE Data has consistently been one of Telecom Egypt's best performing subsidiaries, delivering revenue growth of 27% CAGR over the last five years.

"We expect the importance of this segment to grow further going forward and, as such, have taken advantage of the opportunity to establish full ownership of the business," he added.

At the end of September 2009, TE Data had 572,000 ADSL subscribers, an increase of 68% compared to the same period in 2008, giving the unit a market share of about 61%. TE's internet and data revenues during nine months 2009 increased by 18% on 2008.

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