Cairo – Mubasher: Telecom Egypt has acquired 20 megahertz (MHz) of spectrum in the 2,600 MHz band, utilising the TDD technology with a right of use of 10 years, for $305 million in an auction run by the National Telecommunications Regulatory Authority (NTRA).
The telecom operator will pay 50% of the total value in USD upon signing the contracts and 25% of the total value in USD or its equivalent in EGP based on the rate announced by the Central Bank of Egypt (CBE) at the time of payment, no later than one year after signing the contracts, according to a statement on Thursday.
In addition, the remaining 25% will be paid in USD or its equivalent in EGP based on the rate announced by the CBE at the time of payment, no later than two years after signing the contracts.
“Thanks to the new spectrum, Telecom Egypt will be able to accommodate the growing mobile customer base, which hit 6.7 million by the first half of 2020 and the associated hike in data services without compromising service quality, while providing the best value for money packages,” the Managing Director and CEO, Adel Hamed, said.
