aTP- Arab tourism portal News- Jean Marc Harion, CEO of Orange Egypt, stated: “Orange Egypt’s July 31, 2017 accounts show the first positive results of the new Strategy launched by Orange Egypt at the end of 2016. Our ambitious Transformation program has allowed us to partly offset the negative impacts of the high inflation and the increase of energy costs. The launch of our new portfolio of plans is attracting a lot of new customers and boosting our network revenues. And after receiving the spectrum bought 11 months ago, Orange Egypt can now offer a faster 4G Internet speed and keep increasing our data customer’s base.”
Orange Egypt has launched a significant investment plan including the acquisition of a 4G license and a massive 4G rollout. The Orange Group is committed in the long run in Egypt and is very proud to participate to the strong development and the ambition of the company, which is to increase the level of service towards our customers and to strengthen our digital leader position in Egypt.
The investments made by Orange Egypt in 2016 and 2017 have been supported by Orange Group, which made available a dedicated financing to the company through €750m loans.
In the context of the timeline for the 4G acquisition, a shareholder loan, provided at market conditions, was the only way to get this financing in due time start rolling our 4G network as soon as possible.
In this perspective, Orange Egypt wants to keep all options open. The approval of our interim accounts, in which figures the shareholder loans, is a preliminary step to activate one of the available options in due time.
No decision has been taken at this stage. However discussions have been initiated with the relevant market authorities and Orange Egypt will get formal shareholders’ approval on the decided plan in accordance with applicable laws and corporate governance.
As it always the case, we want to be totally fair towards all our shareholders.