Following the revelation last month that Telecom Egypt (TE) would be required to hand over EGP2.5 billion (USD360 million) for a unified telecoms licence allowing it to enter the wireless market under its own steam, its board of directors have now agreed to pay the fee. According to Reuters, the firm confirmed in a statement that it would move forward with the licence acquisition, stating: ‘The firm’s board of directors agreed in its emergency meeting on 4 May to obtain the mobile phone licence without frequencies in return for EGP2.5 billion’.
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