Egypt Telecom min to pay operators $16.8M for services cut
Egypt’s will pay domestic mobile phone operators 100 million Egyptian pounds ($16.8 million) in compensation for the disruption of services during the revolution earlier this year, a spokesman said Sunday.
The , or , Egypt’s largest mobile operator by number of subscribers, in February said damages caused by political events in Egypt were valued between EGP80 million and EGP100 million.
We are looking forward for more details about the basis of how the amount will be divided between operators,” said Ahmed Adel, a telecoms analyst at Cairo-based investment bank Naeem Holding. “This is a good step from the government; however compared to the numbers announced from about the damages, the numbers seems quite low.
2 after a week-long shutdown aimed at making it harder for demonstrators to organize protests. The Egyptian government restored domestic internet services on Feb. 11, putting an end to his 30-year regime. Mobile voice services were also disrupted in Egypt on Jan. 28, before President Hosni Mubarak stepped down on Feb.
Telecom Egypt finished up 2% at EGP15.99; Orascom Telecom rose 2.1% to EGP4.42 and shares added 3% to EGP147.99. Telecom stocks in Egypt closed higher Sunday as investors cheered the compensation package for the operators.