Telecom Egypt has announced a decision by its board of directors to reduce its proposed dividend for FY 2017 to EGP 0.25 from the EGP 1 per share it offered to investors. At the announcement of its financial results earlier this year, the company said the decision is based on its plan to pursue an investment opportunity in the submarine cable industry. "The amendment of the dividend proposal for FY 2017 is intended to avail short-term financing to an investment opportunity that Telecom Egypt believes is crucial for the continuation of the revenue stream of its cable business and comes in line with our prudent cash flow management. The company intends to maintain its long-standing dividend policy to its shareholders in FY 2018 and beyond. Telecom Egypt is currently an investor, along with Alcatel-Lucent, in the US$125 million TE North submarine cable network linking Sidi Kerir in Egypt to Marseille in France since 2008.

Source: The North Africa Journal April 09, 2018 09:45 UTC