Trading of Telecom Egypt shares suspended — sources

Cairo: Egypt’s stock exchange suspended trading of shares of Telecom Egypt, the state-owned landline monopoly, on Wednesday after the government replaced all of its representatives on the company’s board of directors, two sources said.

The government appointed Tamer Gad Allah, Maged Othman, and Mohamed Shamroukh as its representatives, the sources says.

The company’s revenues were almost flat at 12.184 billion Egyptian pounds, up from 12.158 billion in 2014. Net Profit after Tax was at 2.997 billion Egyptian pounds, representing a net profit margin of 24.6 per cent.