CAIRO: Telecom Egypt has approved a LE 0.55 ($0.10) interim dividend for 2009, after earlier distributing LE 0.75 pounds, a company source said on Sunday.
Although it was distributed in two parts, the dividend matches the LE 1.30 dividend for 2008 and was in line with analysts’ expectations.
The company had withheld part of the 2009 dividend as it said it was looking for new opportunities in the Egyptian mobile market.
Telecom Egypt had said it was in talks with Vodafone about increasing its stake in Vodafone’s Egyptian mobile unit. Telecom Egypt already has 45 percent, while Vodafone has 55 percent. It said on June 1 talks had ended without a sale.
The company source, who declined to be named, said the dividend would be paid on June 30. A statement would be issued shortly.
Two analysts also confirmed the approval of the dividend.
