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    ETEL   EGS48031C016

TELECOM EGYPT COMPANY S.A.E.

(ETEL)
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Telecom Egypt E : and Vodafone Group sign a modified shareholders' agreement

06/07/2021 | 06:31am EDT

Telecom Egypt ('TE') and Vodafone Group ('Vodafone Group') signed today a modified Shareholders' Agreement. The agreement includes changes to Vodafone Egypt's ('VFE') dividend policy, whereby VFE will pay a one-time dividend of EGP10 billion to its shareholders during the 2021 calendar year, EGP 2bn of which was paid in March. The parties have also agreed on a minimum dividend payout ratio of 60% of free cash flow going forward.

The modified signed agreement also gives Vodafone Group the right to transfer its shareholding in VFE within the broader Vodafone Group. TE maintains its existing rights in the agreement and has obtained certain enhanced minority rights including access to information.

Adel Hamed, TE's Managing Director and Chief Executive Officer, commented:

'We are pleased to have reached an agreement that is mutually beneficial to both parties. Telecom Egypt has been and continues to be a strategic partner to Vodafone Group in the Egyptian market. This agreement guarantees the preservation of our strategic partnership in light of an enhanced shareholders' agreement that provides Telecom Egypt with visibility on its investment and its expected returns based on Vodafone Egypt's performance and gives our shareholders comfort that our participation in the company continues to be fruitful and rewarding. Telecom Egypt plans to utilize the cash inflow from the dividend to be received in 2021 to deleverage its balance sheet, reduce financing expenses and enhance profitability.'

Disclaimer

Telecom Egypt Company SAE published this content on 07 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 June 2021 10:30:05 UTC.


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Financials
Sales 2021 33 964 M 2 169 M 2 169 M
Net income 2021 5 309 M 339 M 339 M
Net Debt 2021 22 167 M 1 415 M 1 415 M
P/E ratio 2021 4,73x
Yield 2021 5,36%
Capitalization 23 899 M 1 522 M 1 526 M
EV / Sales 2021 1,36x
EV / Sales 2022 1,26x
Nbr of Employees -
Free-Float 20,0%
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Mean consensus BUY
Number of Analysts 8
Last Close Price 14,00 EGP
Average target price 18,63 EGP
Spread / Average Target 33,1%
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Managers and Directors
Adel Hamed Ibrahim Gadalla Chief Executive Officer, Director & MD
Mohamed Hassan Shamroukh Gomaa Chief Financial Officer, Director & Senior VP
Maged Ibrahim Osman Chairman
Antar Kandil Chief Information Officer & Vice President
Mohamed Al-Fowey Chief Technology Officer & Vice President
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