Egypt’s Raya abandons telecom licence bid
Company says that conditions of license would make it difficult to make a profit.
Egyptian ICT company Raya Technology and Communication has withdrawn from the bidding process for two "compound" telecom licenses to supply triple play services in parts of Egypt, according to a report from Egyptian business newspaper, al-Mal.
The company's chairman, Medhat Khalil, said that the company had decided to withdraw from the process because the tough conditions of the license meant that it would be difficult to make sufficient profit.
Egypt's telecom regulator, the NTRA, announced that it would be offering two licenses to offer fixed line voice, broadband and pay-TV services in select residential compounds, back in September 2009.
Submissions for the licenses, which are being decided through a beauty contest, were due on March 15.
At least 18 companies bought bid documents, including Egyptian companies Mobinil, Vodafone Egypt and Orascom Telecom, according to a report from Reuters.