Egypt’s NTRA approves establishment of Wataneya GSM
Egypt’s National Telecom Regulatory Authority (NTRA) Board has reviewed a proposal to establish Wataneya, a Telecom Egypt (TE)-Vodafone GSM company.
TE's proposal to the NTRA put forward a 50 percent share for each TE and Vodafone Group in Wataneya. The company will own 51 percent of Vodafone Egypt with TE’s share amounting to 25.5 percent.
TE will give up its license for operating a GSM network for accessing 1800 MHz frequency spectrum, concurrently Vodafone and Mobinil will pay on billion Egyptian pounds ($162 million) to NTRA to have access of the 1800 MHz frequency spectrum. The NTRA will return the sum previously paid for the license to TE, which will allow the company to have enough liquidity to acquire a substantial effective share in Vodafone Egypt.
NTRA Board asserted that it will offer the third license to potential investors when market conditions progress and offers seem feasible. — (menareport.com)
© 2003 Mena Report (www.menareport.com)