We will use dividends to reduce debt

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The CEO of Telecom Egypt, Adel Hamed, revealed in an interview with Al Arabiya that the company intends to use the cash flows from dividends to reduce the size of the debt, with the aim of reducing financing costs and enhancing the company’s profitability.

He said that the amendment of the agreement between Telecom Egypt and Vodafone aims to establish mechanisms for distributing profits, explaining that the agreement was to distribute profits on a regular basis linked to cash flows in Vodafone.

He considered that the agreement supports Telecom Egypt’s investments in Vodafone Egypt.

He pointed out that Telecom Egypt invested EGP 30 billion in infrastructure over two years, adding that Telecom Egypt will open the first third-class data center.

He explained that the agreement includes amending the dividend policy of Vodafone Egypt, to pay exceptional dividends of 10 billion Egyptian pounds to shareholders during the current year.







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