Cairo – Mubasher: The ordinary general meeting of landline operator Telecom Egypt approved replacing government’s representatives in the board of directors.
The company’s board includes seven members appointed by the prime minister upon a recommendation from the minister of communication as well as three others appointed by the board itself.
An official at the company told Mubasher that the board will hold a meeting soon to elect a chief executive officer and a managing director.
Moreover, the ordinary meeting also agreed on paying out cash dividends for the fiscal year 2015 at EGP0.75 per share, or
EGP1.280 billion. TE’s workers will receive EGP551 million.
The stock today rose 5% to EGP8.2 at 11:14am Cairo time.
