Telecom to receive second tranche of withheld dividends from Vodafone

The state-owned landline monopoly owns 45 percent of Vodafone Egypt, which had been withholding dividends since 2012 because of difficulties repatriating profits. In April it agreed to release at least 3.34 billion pounds in withheld dividends.

Telecom Egypt to receive second tranche of withheld dividends from Vodafone

TelecomEgypt will receive a second tranche of withheld dividends from Vodafone Egypt amounting to 750 million Egyptian pounds ($84.46 million), a source from the Telecommunications Ministry said on Monday.

The state-owned landline monopoly owns 45 percent of Vodafone Egypt, which had been withholding dividends since 2012 because of difficulties repatriating profits. In April it agreed to release at least 3.34 billion pounds in withheld dividends.

Telecom Egypt was entitled to 1.5 billion pounds of those payments and the dividends were to be paid in two instalments in April and June.

Vodafone's general assembly agreed to issue the dividends to shareholders on Sunday.

"The Vodafone General Assembly meeting decided yesterday to issue dividends to shareholders. Telecom Egypt's share of that will be 750 million pounds," the source said.

($1 = 8.8799 Egyptian pounds)

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

I don't know where Tinubu is - Keyamo

I don't know where Tinubu is - Keyamo

Don't protest, pray for me – Mbaka begs Adoration Ministry members

Don't protest, pray for me – Mbaka begs Adoration Ministry members

Atiku pledges to complete Mambilla hydro power project

Atiku pledges to complete Mambilla hydro power project

South East APC women rally support for Tinubu/Shettima in Imo

South East APC women rally support for Tinubu/Shettima in Imo

FG to add 817MWs to national grid to boost power supply –TCN

FG to add 817MWs to national grid to boost power supply –TCN

Presidency dismisses Peter Obi’s accusations of 'silent arrests'

Presidency dismisses Peter Obi’s accusations of 'silent arrests'

Buhari meets Jonathan, pledges restoration of oil licence to Bayelsa

Buhari meets Jonathan, pledges restoration of oil licence to Bayelsa

PDP administrations left N11bn pension arrears in Kwara - Govt

PDP administrations left N11bn pension arrears in Kwara - Govt

Insecurity: FCT minister orders sealing of abandoned building in Maitama

Insecurity: FCT minister orders sealing of abandoned building in Maitama

Get our Top Stories delivered to your inbox

Welcome to the Pulse Community! We will now be sending you a daily newsletter on news, entertainment and more. Also join us across all of our other channels - we love to be connected!