Cairo - Mubasher: Prime Research reduced the fair value of Telecom Egypt (TE) to EGP 10.58 from EGP11.34 per share.
TE signed an EGP 7.08 billion contract with the National Telecom Regulatory Authority (NTRA) in August to obtain the first fourth-generation (4G) mobile license in Egypt.
The telecom company paid a total of EGP 5.2 billion, while the remaining sum will be paid in installments within the next 4 years.
Prime noted in a research report that it increased the value evaluation of Vodafone Egypt to EGP 33.9 billion from EGP 31.1 billion, as the company's profitability enhanced which led to higher capital profits.
The achieved profits resulted from sharing in Vodafone reached EGP 716 million in the first half of 2016, with a 68% increase, Prime added.
TE closed at EGP 9.7 on Thursday, losing 1.62%, exchanging 1.2 million shares at a value of EGP 11.7 million.
